Readers with no pay who want to move closer to work and a good academy seek advice
Q My husband and I own a dwelling importance about PS400, 000 which is now totally mortgage free. He commutes a long way to work each day and as we have two young children, we are considering moving to the town where he works. Property there is more expensive, but the schools are good and the children would benefit from insure more of their father during the week. Ideally we would like to make a step up and buy a separated lineage dwelling, which in the area we want( where there’s a school we like) would cost about PS725, 000. We would need to borrow PS3 25,000 to do this. I am a stay-at-home mum but my husband makes PS48, 000 per year plus about PS8, 000 in commission.
I have heard about mortgages where you can borrow more than the conventional 3.5 days annual income which we would probably need to apply for. We feel we can afford to stretch our finances to take on the extra borrowing as we have no other debts or lends and have some savings in the bank. We could accommodate the repayments in our monthly household plan. Can you please advise us on how to access these type of mortgages, where do we find them and how can we maximise our chances of being approved for the mortgage credit? XF
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