Mortgage based on affordability rather than income multiples?

monkeyboy72

Hi

Am currently with IF who based my present mortgage on affordability rather than my income multiples, and now looking to remortgage as now paying there SVR.

Does anyone know of another lender who will quote me based on affordability because all the online calculators I have tried will not give me enough to pay of IF?.

Thanks in advance.

tigerminxy

I think if you actually went to a lender or broker they would base the offer on affordability, especially if you've got a track record of making monthly repayments.

The online calculators are generally a rough guide; my experience is that when you actually speak to someone and have all your income/expenditure figures, they will have the sense to do more than simply apply a multiple.

It works the other way round, of course, in that if you've got a good income but loads of loans that leave you with no disposable income, you might be offered less than you hoped.

As an alternative, since you are presumably free to shift mortgage, can you not ask IF if you can go onto a different product other than their SVR?

ossie1_2

Most lenders use affordability as a basis for their lending nowadays but some are more generous than others. See a qualified mortgage adviser and they will have no problem in guiding you through the whole process. If you need a recommendation, let me know