HELP! FTB advice needed!

Mollypops<3

Hi, I'm a first time buyer and on my own, looking for some advice. I have been to the Co-op Bank/Britannia, They have advised that I could possibly lend £84,000 based on a 15% deposit, but they want me to put offers in on a property then apply. I have advised them that I have a car on finance and a good credit rating, but I’m concerned I will get an offer accepted and be refused the mortgage based on affordability. I know I have a good credit rating but I don't want to apply and be refused on something that I could have been told before. They have not credit checked me at this stage. Does anyone know which banks will lend the most but also have good interest rates and I could get a mortgage in principle? I am a first time buyer earning £16,830 Per Annum.
Any help greatly appreciated Thanks

Dave_Ham

Unfortunately the 2 factors do not go hand in hand. Britannia have great rates, but will not lend you the most and I would be surprised when you factor in Car Finance that they will lend you what you have the Decision in Principle for.

You need to see what is available within your budget, there are many lender caluclators on their websites.

Typically the lower income multipliers are with the better rates ie HSBC, Co-Op, Britannia, Post Office, YBS

Natwest, Halifax, Santander, Woolwich potentially will lend more although likely at not the rates of the above.

This is not an exhaustive list, just some examples to give you an idea.

kingstreet

Mollypops<3 wrote: »

Hi, I'm a first time buyer and on my own, looking for some advice. I have been to the Co-op Bank/Britannia, They have advised that I could possibly lend £84,000 based on a 15% deposit, but they want me to put offers in on a property then apply. I have advised them that I have a car on finance and a good credit rating, but I’m concerned I will get an offer accepted and be refused the mortgage based on affordability. I know I have a good credit rating but I don't want to apply and be refused on something that I could have been told before. They have not credit checked me at this stage. Does anyone know which banks will lend the most but also have good interest rates and I could get a mortgage in principle? I am a first time buyer earning £16,830 Per Annum.
Any help greatly appreciated Thanks

Take your monthly car finance payment and multiply it by 12. Take that away from your annual salary and multiply the result by 4. This will be your "normal" maximum for most of the best deals. If you multiply the result by 5, you'll get your super maximum only available from one or two lenders.

Although this isn't guaranteed, it'll show you if you're more likely to be picking a lender for its rates, or for its lending power.