Halifax mortgage affordability calc... Also?

debtfreebyxmas

Hi, is the mortgage affordability calculator an accurate calculation of the amount you can borrow... Before going to underwriter etc. we do not want to borrow max, but would like an accurate indication of the max so that we can aim to meet affordability easily when looking at houses.

Also has the 'usual' mortgage term been extended, I know that 25yrs used to be the standard. It appears there are longer terms, 30years. I would not want extended term, but if applied over 30yrs would that increase or decrease chances of mortgage? I'm 32. I just wondered if it would be deemed more affordable over 30yrs or indicate higher risk?

Kind regards

ACG

Its a good indication, it might not be 100% spot on depending on your circumstances.

The usual term varies, i still do a lot of 25 year mortgages, some people do prefer to spread it out over a longer period at first with the intention of overpaying or reducing it down a few years down the line. It all depends on what works for yourself.

I did my own mortgage recently, i was debating doing 30 years and overpaying, i decided to leave it at 25 years as im not confident i would force myself to overpay each month - but everyone has their preference.

scottishgirl87

We have recently had our mortgage offer from Halifax for £115,000. Their website said they would only lend us up to £97,185 yet when I phoned them they said they would be willing to lend us up to £135,000 :huh: No idea why such a large difference.