Additional borrowing questions - affordability etc

kingstreet

bclark wrote: »

Thanks for that. So on that intermediary site I would put in the total amount I want (including my current mortgage) against the new property price rather than just putting in the additional amount?

For example it confuses me when saying not to enter the outstanding mortgage balance of an additional mortgage if already a Nationwide cutomer, however this chucks out a very large figure and doesn't seem to have accounted anywhere for the fact I have another mortgage.

Select the new purchase button and enter the details as if you have no mortgage at the moment.

For example, if you want to borrow £150,000 on a purchase price of £200,000, enter it like that. Don't put £50,000 in because you have an existing mortgage of £100,000 as that mortgage will end.

bclark

kingstreet wrote: »

Select the new purchase button and enter the details as if you have no mortgage at the moment.

For example, if you want to borrow £150,000 on a purchase price of £200,000, enter it like that. Don't put £50,000 in because you have an existing mortgage of £100,000 as that mortgage will end.

Thanks, funnily enough that does make a difference and it just about says what we would need. I appreciate thought thats indicative although we do have good credit records. Do you imagine there may be a little flex on this indicative amount, for example where it says they would lend 215k on that calculator they may be willing to loan 220k if shown proof of affordability in more detail etc?

kingstreet

bclark wrote: »

Thanks, funnily enough that does make a difference and it just about says what we would need. I appreciate thought thats indicative although we do have good credit records. Do you imagine there may be a little flex on this indicative amount, for example where it says they would lend 215k on that calculator they may be willing to loan 220k if shown proof of affordability in more detail etc?

I don't think any lender's affordability calculator is a be all and end all. If you can make a case for a higher amount at a decent LTV they will normally consider it.