can i move house on lower wages?

[pinkfluffo]

If you already have a mortgage can you move home if your joint income is less than it was when you took the mortgage out? (we don't want to borrow more, just want to move into a similar size place or smaller) Thanks for any help.

[baileybird]

any new mortgage will be based on your current earnings. however as house prices have fallen you may find something similar to your current property for less money. You may be saddened by the surveyors valuation of your own property however. I work in mortgage industry and house are being seriously downvalued by up to 20% on estate agents valuations.
Hope this helps.

[flyciderman]

Perhaps the agents have not understood that property has fallen in value, hence they are over estimating the value of a house.

[baileybird]

sorry what do you mean ?

[flyciderman]

The lenders are prepared to grant a loan ,on an over valued asset.