Mortgage amount?!

sammyjammy

HSBC are one of the fussiest lenders at the moment, taking their pick of the market. If I put your salaries with no dependants in Halifax 1st time buyer calculator it suggested max they will lend you is £193,500. Look at a few sites and use their calculators, work out a budget planner based on estimated costs etc and take it from there. DON'T RUSH IT, its a big decision.

kingstreet

use1 wrote: »

Ah I see what you are saying kingstreet. Better to aim at a lower rate to avoid disappointment and getting yourself into a situation where I cannot pay back the monthly amount. But for some reason I don't think I will get 4 times the joint amount. I tried by myself once with HSBC single application and was offered 80k....can you imagine?!

If there are lenders who'll lend you 5x joint, which there are, there are certainly lenders who'll lend you 4x joint.

TBH until you find a property and prepare to make an offer, there's no point worrying about products yet. Suffice it to say, the 5x income brigade tend not to offer the best products.

use1

That makes sense, I thought you should get verified with a mortgage provider first before you start looking? but I guess some people work the other way around

R_P_W

Why dont you just assume you can get 4 x your income which would be £180k plus your £50k deposit and start looking at property around that £200-£230k mark?

If you are both in stable employment and can prove it and dont have anything dodgy in your financial history then you stand as good a chance as anybody else with the right lender

kingstreet

There's nothing wrong with getting ONE agreement in principle. The problem is, you don't know that the lender you choose for your AIP today, will be the one offering you the best deal in a month or two...

I said not to worry about products yet, not to stop thinking about a mortgage full stop.

use1

I tried contacting Halifax today and they said they could give me an agreement in principle but they will have to do a credit check on me and my wife, is this correct?

I thought the credit check only happens with you actually go ahead with it?

harvey115

use1 wrote: »

I tried contacting Halifax today and they said they could give me an agreement in principle but they will have to do a credit check on me and my wife, is this correct?

I thought the credit check only happens with you actually go ahead with it?

A soft credit check is part of the AIP process with Halifax

kingstreet

Most lenders do a hard check and no further check is needed as long as you make a full application within the currency of the agreement in principle.

For example, if given a £150k maximum for a one month period, you may not be credit checked again as long as your eventual application is done within that one month and is for £150k or less.