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Mr_Sworld
@CYOA
After much faffing CYOAette and I are a bit closer to that first time buy. Both being self employed hasn't made it easy and the fact that she only has one years books adds to that. Halifax are basically the only high street lender that we or any of the brokers/advisors we've spoken to that can help. We have about 35k deposit plus 5k for costs (surveys/legal/stamp etc). Unfortunately because they aggregate my three years and her one year to come up with a loan amount our budget shrinks to about 230k which doesn't get you much in central Brighton. We've looked at dozens of 1 bed flats and they're all tiny leaseholds which for two people, a cat and incoming baby isn't doable. Instead we're looking at 2 bed houses a bit further out in places I've never been like Whitehawk and Hollingbury. Not ideal but it's a step.
Question:
If we bought somewhere for 225k. Spent 10k refurb. Waited a couple of years for it to appreciate. If we then wanted to move to somewhere in the 300k mark closer to town presumably we would need to save up cash to make up the difference unless our earnings increased and lenders were more willing? Or once you have X mortgage is it easier to stretch it for more? On that note would we need to sustain income at current or higher level or could we expense a lot of things so we're less susceptible to big tax bills? Or do they need to check your income when you get a mortgage on a new place?