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  • FIRST POST
    • edcldn
    • By edcldn 13th Jan 18, 11:03 AM
    • 9Posts
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    edcldn
    Who will lend the most?
    • #1
    • 13th Jan 18, 11:03 AM
    Who will lend the most? 13th Jan 18 at 11:03 AM
    I realise that all will depend on the detail, but I am trying to get an idea of which lender might lend me the most. I am looking to move home in the next few months and would like to have a vague idea of what my budget might be before I go to a broker or lender formally.

    I will be a second-time buyer in London. I earn a solid professional salary. I have no other debts or obligations beyond my mortgage and usual living costs. No car, no children etc..

    I heard that Barclays may lend up to 5.5 x salary. Do any other lenders go that far, or even further? Does anyone know?

    Comments appreciated.
Page 1
    • Thrugelmir
    • By Thrugelmir 13th Jan 18, 11:07 AM
    • 56,829 Posts
    • 50,183 Thanks
    Thrugelmir
    • #2
    • 13th Jan 18, 11:07 AM
    • #2
    • 13th Jan 18, 11:07 AM
    Try the online lenders calculators to gain an idea.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • kingstreet
    • By kingstreet 13th Jan 18, 11:08 AM
    • 32,649 Posts
    • 17,579 Thanks
    kingstreet
    • #3
    • 13th Jan 18, 11:08 AM
    • #3
    • 13th Jan 18, 11:08 AM
    Enter your details in different online lender affordability calculators and gauge the outputs for yourself.

    The intermediary calculators are usually more comprehensive, but be careful with your entries on each one.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • edcldn
    • By edcldn 23rd Jan 18, 8:41 AM
    • 9 Posts
    • 3 Thanks
    edcldn
    • #4
    • 23rd Jan 18, 8:41 AM
    • #4
    • 23rd Jan 18, 8:41 AM
    Thanks. I was hoping for a bit more insight than "look at the online calculators". I suspect that the online calculators are designed to be highly conservative.

    Are there any brokers or others with direct experience who can assist?
    • enthusiasticsaver
    • By enthusiasticsaver 23rd Jan 18, 9:38 AM
    • 5,242 Posts
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    enthusiasticsaver
    • #5
    • 23rd Jan 18, 9:38 AM
    • #5
    • 23rd Jan 18, 9:38 AM
    It is not a blanket multiple with most lenders. There are lots of variables when credit scoring for a mortgage. It depends on whether you are on a fixed term contract or permanent and they look at affordability too. This means they may take child maintenance and certainly other debts into consideration. 5.5 sounds high and I did not think any lender went that high. Your best bet is to go and see either a mortgage broker or a few banks. Barclays never seem to have Best Buy mortgages so you should not be looking just at how much they will lend. You need to make sure you can afford the monthly payment with other commitments.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • enthusiasticsaver
    • By enthusiasticsaver 23rd Jan 18, 9:40 AM
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    enthusiasticsaver
    • #6
    • 23rd Jan 18, 9:40 AM
    • #6
    • 23rd Jan 18, 9:40 AM
    I do know Halifax offered my daughter and son in law a lot more than they wanted so they may have higher than usual multiples. The mortgage rates are usually lower than Barclays too.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • spadoosh
    • By spadoosh 23rd Jan 18, 9:48 AM
    • 4,856 Posts
    • 6,436 Thanks
    spadoosh
    • #7
    • 23rd Jan 18, 9:48 AM
    • #7
    • 23rd Jan 18, 9:48 AM
    Ill second halifax. Lent me more than MSE calculators suggest.

    Consistently seem to suggest theyre willing to lend more through the various calculators compared to other lenders.

    When i took out my mortgage they only used 1 income when i had 2 equal ones and the OH's effectively reducing affordability by a quarter but never had an issue.

    Obviously how much they say they will lend and how much they do will probably differ.
    Don't be angry!
    • kingstreet
    • By kingstreet 23rd Jan 18, 9:52 AM
    • 32,649 Posts
    • 17,579 Thanks
    kingstreet
    • #8
    • 23rd Jan 18, 9:52 AM
    • #8
    • 23rd Jan 18, 9:52 AM
    Thanks. I was hoping for a bit more insight than "look at the online calculators". I suspect that the online calculators are designed to be highly conservative.
    Originally posted by edcldn
    No. They are very accurate when completed correctly.
    Are there any brokers or others with direct experience who can assist?
    You won't find any broker listing lender names on here. Too regulatory risky.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • edcldn
    • By edcldn 23rd Jan 18, 10:46 AM
    • 9 Posts
    • 3 Thanks
    edcldn
    • #9
    • 23rd Jan 18, 10:46 AM
    • #9
    • 23rd Jan 18, 10:46 AM
    Thanks all.
    • amnblog
    • By amnblog 23rd Jan 18, 11:15 AM
    • 10,175 Posts
    • 3,979 Thanks
    amnblog
    We deal with Professionals every day. As stated above, it is a lot more complex than x Lender will lend the most.

    Barclays for example wont lend 5.5X to most applicants, but 'may' to some.

    If you are stretching on affordability use a Broker is the message as we know the angles.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • edcldn
    • By edcldn 23rd Jan 18, 11:29 AM
    • 9 Posts
    • 3 Thanks
    edcldn
    Great to hear from a professional. Many thanks!
    • GeddyMortgage
    • By GeddyMortgage 23rd Jan 18, 12:13 PM
    • 13 Posts
    • 2 Thanks
    GeddyMortgage
    Natwest have been very lenient with me.
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