Nationwide - high lenders?

Cardinal-Red

Hi there,

Been looking around for a suitable lender for me and my partner and seeing what kind of amounts we can get - our combined salaries are £45000.

Most offered about £110k but using Nationwide's 'One Minute Promise' it said we would be able to borrow 'upto £142322' even though we entered the same salaries and monthly outgoings into its calculator.

So do Nationwide lend more than others?

sexy_fufu

A couple of years ago they only let you len 2x your salary they changed that.

So thats probably why.

I have had a mortgage with nationwide for 3 years with no probs

Woby_Tide

Nationwide don't work on multiples like a lot of others, they do it on affordability, their online checker suggested we could borrow about 30% than other lenders when we got mortgage couple of years ago

herbiesjp

When a lender look at using affordability, other important factors inlcude the mortgage loan to value, size of the loan, loan type i.e. interest or repayment, any other outstanding financial commitments .

I know a lot of people who use the calculators, but forget to put in their commitments.

jaybo

Northern Rock offer a high Multiplier (upto 4.9x) but the rate is 5.99% which is high because of this.

payless

Nationwide affodability calculator gives the same for joint income as for single ( can see a degree of sense in it)- bit more complex on higher earners.
so a couple on £15K each will get same as a single person on £30K, or a couple with 1 earner at £30K and 4 kids. ( some others take into account the number of people living at the home)


This means yes they can often for couple (both earning) lend more than some of the other lenders, but sometimes less on sole incomes
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BUT regardless of what the lender is willing to lend - you should never overstrech what is affordable to yourself

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