Variations on mortgage offers

Pigfeet

Hi all,
I have met my banks mortgage advisor and for what i have saved up (15k) and my annual salary(16.5K) i think they are giving me a pretty naff offer. I am single, no dependants, no debt etc etc and they will only offer me 80k. As a civil servant my wages are guaranteed, and will rise to 18.3k in aug however they wont take this into account.... until i have 1 months pay at that scale.

I'm pretty gutted as i've saved and saved and i feel like im hitting a brick wall - perhaps i'm too loyal to my bank (repayment over 35years would be 320 p/m i'm well happy with that!). i can afford to pay £450 per month on my budget.

I know its best to shop around but will there be much variation in what other banks/etc will be able to offer me. i dont want to get my hopes up again to be dashed.

thanks,

Senior_Paper_Monitor

Errr ! Low income and you have been offered over 4.8 times income on an 85% LTV (with no account taken of use of your savings for solicitors, moving, furniture etc) ..... and you think they are being tight !

Will you get anything better ? I doubt it !

happybroker

Well done on your savings forst of all.

The offer isn't stingy I'm afraid, it is actually quite generous with many lenders willing to offer much less than this.

You don't mention who the bank is but Woolwich have a very different way of looking at this. They will need you to have as a single person £551 per month left over after mortgage and credit commitments for living expenses (bills, food etc) as a minimum which may mean you can borrow a bit more but this would be a massive commitment even for some one who appears to be pretty good with money like you.

Maybe seek some advice from a good whole of market broker who can really analyse your budget and come up with a real idea of how the land lies. Even if it results in you having to wait and save a bit more at least you will know where you stand.

Good luck with it.