Who gives you the most money?

peter39uk

Hi,

Is there a website that tells you which lender gives you more money going on your salary?

Nationwide said they would only give me 3.5 times my salary but said some others might give more.

Cheers,

_Andy_

Is there a particular amount/multiple you require?

Leon_W

It's not an exact science Peter.

Some lenders offer 3x and that's it. Some will use an "affordability" calculation, others don't. Some have scaled multiples dependant on an income "band". Some lend different amounts dependant on the term of the loan. Amounts can vary on whether a loan is interest only or repayment. Amounts can vary on credit score. Amounts vary on the number of dependents.

As you can now see, it's a bit of a minefield with no definate answer as it all depends on an applicants circumstances.

A broker would be best placed to help you find the answers you require.

Regards

peter39uk

_Andy_ wrote: »

Is there a particular amount/multiple you require?

looking to get a remortgage of about £100,000

I earn about £25,000 a year so right on the 4x but i've got some debts as well. i was hoping other lenders give more so i'd be ok?

cheers

peter39uk

Leon_W wrote: »

It's not an exact science Peter.

Some lenders offer 3x and that's it. Some will use an "affordability" calculation, others don't. Some have scaled multiples dependant on an income "band". Some lend different amounts dependant on the term of the loan. Amounts can vary on whether a loan is interest only or repayment. Amounts can vary on credit score. Amounts vary on the number of dependents.

As you can now see, it's a bit of a minefield with no definate answer as it all depends on an applicants circumstances.

A broker would be best placed to help you find the answers you require.

Regards

thanks for that,

i'm going to see a broker this afternoon so hopefully they will help me

cheers

Conrad

Only a lenders application credit score will reveal the loan they will extend to you. It is impossible to predict outcomes.

Whilst some brokers have the common sense to avoid bothering with those lenders most adversely affected by the credit crunch, some are still not taking this into account. Avoid any broker that for example recommends RBS - the lender that was bailed out by the tax payer, and reporting billions in loses and that are to be broken up. I'd avoid A&L and would be wary of N Rock too.

Then you need to consider that some lenders will insist your unsecured debts are cleared, and of those lenders some will make sure they are cleared whereas other may 'truct' you to do it after completion.

All the best

waterwatcher

Conrad out of curiosity why would you avoind A and L? My mortgage is with them and am looking at renewing come the end of a competitative fixed period next year.

1stTB_2

Conrad, would you explain why would you avoid those banks?