Which lenders are the most generous?

Rosiehns

Me and my husband are both working part time as we have three pre school children and currently our joint income is £26,000. We are both fortunate in that we can both easily increase our hours and earn a lot more (around £50,000/£60,000 if we are both working full time) but we'd rather not do this for a year or so. We're looking to borrow £115,000 and I was just wondering which lenders would lend us this much. I know Barclays will but is there anyone else? We have no loans and an excellent credit history.

thriftymomma

I would say Halifax are fairly generous with their offers.

_Andy_

Woolwich and Abbey

opinions4u

Rosiehns wrote: »

Me and my husband are both working part time as we have three pre school children and currently our joint income is £26,000. We are both fortunate in that we can both easily increase our hours and earn a lot more (around £50,000/£60,000 if we are both working full time) but we'd rather not do this for a year or so. We're looking to borrow £115,000 and I was just wondering which lenders would lend us this much. I know Barclays will but is there anyone else? We have no loans and an excellent credit history.

To borrow 4.5 x joint salary in any market, let alone the current market, is a stretch. The fact Barclays say they will lend genuinely surprises me.

- how much is your deposit?
- would one of you consider going full time asap to get the income up and increase the amount a lender would be willing to advance?

In your circumstances I'd see a whole of market broker locally first and then decide what to do about employment.

There may be a trade off between working more hours and getting a lower interest rate.

Rosiehns

Thanks for the replies. Our deposit is around 50% which is probably why Barclays are being so generous. I've check Woolwich, abbey and halifax and they are all just slightly under (around £109,000).

herbiesjp

Don't forget that having 3 children will impact on the amount offered.

So don't forget to include any child benefit and or tax credits you may get.

Different lenders accept different amounts of these other sources of income, so this may mean other lenders offering better deals (or higher amounts) than what has been offered

A whole of market adviser would be able to tell you pretty quickly which could meet your needs.

koexelek

herbiesjp wrote: »

Don't forget that having 3 children will impact on the amount offered.

Will seriously reduce the amount you can borrow with Halifax.
They hit you hard if you have dependent children

herbiesjp

koexelek wrote: »

Will seriously reduce the amount you can borrow with Halifax.
They hit you hard if you have dependent children

Not only them - but plenty other lenders as well