FAO Mortgage Advisors on board!

tam2oo5

Hi guys

Looking for some realistic thoughts, i got an AIP done with halifax who said i could borrow 107. Whats the chances of me being able to borrow 106k with 10% deposit?

Is it realistic that lenders will borrow you your full allowance aslong as you have the 10%

Cheers

ACG

Yes, there are loads of 90% deals on the market.

So long as you pass the credit check and affordability (ie your income supports the mortgage plus other debts and bills) you should be fine.

tam2oo5

Hi Thanks for your reply

Ive just actually found out the sellers reduced the house by 5k. So hopefully i would be able to get it for 115k and i could put up 13-15k thus leaving me applying for a mortgage of 100k. Halifax said they would borrow me 107k based on my income. This is documented in the AIP ... So would that mean aslong as what i have told them is true - ie i have no debt ectt and my salary is actually of the amount i have told them then i would be eligble for this amount?

May just have found the perfect house.. Thanks for your reply ACG

happyshopper1_2

Yes your right, as long as they have a deal on a 90% loan to value then they will lend u a max. of what the aip showed. Don't be afraid, go for it and good luck!

tam2oo5

Thanks Happyshopper, going to go and see the broker tomorrow. Ive noticed though that the lenders all have different fomulas on calculating your max borrowing limit. Halifax give me a max of 107k yet clydesdale will only give me in the range of 98k.

Is halifax a better lender when it comes to the ammounts they will borrow you?