remortgage: advice appreciated!!

carrollmark

Hi,

My wife I and are considering moving house.

Our current home has been valued at between €500k and €520k

We have €200k left to pay on our mortgage.

The houses we are interested in are going for between €560k and €580k plus stamp duty........we obviously aren't first time buyers.

At the most it looks like it'll be a jump of €100k to move.

We are both self employed, I have a gross wage of approx €50k, my wife hasn't been paying herself a huge amount as she's starting off but hopes to pay herself the same as me ..... €50k ...... in 2007.

I should point out that both of us have our business accounts with the same bank (Ulster Bank) and my father has a company employing 30 people and has banked with this branch for 20 years or so.

Could somebody please advise me how likely the bank is to approve a remortgage to allow us buy the house we want.

Any help greatly appreciated!

seamus

If you've a good relationship with your bank, you should be able to get about 6 times your gross salary. So you on your own should in theory be able to get your hands on the extra 100k you need. Stick with your existing bank though, particularly if you know the manager/mortgage team.