Did i make a mistake ? 58k only...Natwest

DGJsaver

Just wondered guys , i looked on my banks mortgage pages , just out of curiosity as it might be a few months till i would apply.......last November or October i did the `how much could i borrow tool` , i earn 26500 p/a and have mimimum outgoings as we are live in carers for a close relative , it came back with £104k


I did it just now , same details and it says 58k !!

any thoughts ?

p.s i put in the same deposit as last time , 100k

somethingcorporate

It does sound low, did you put in a house price of £158k?

If the house price + deposit is less than they will offer you in total this often sets the ceiling.

DGJsaver

somethingcorporate wrote: »

It does sound low, did you put in a house price of £158k?

If the house price + deposit is less than they will offer you in total this often sets the ceiling.

To be honest it didnt ask me what the house price was till after it had made the calculation , maybe i ballsed it up , i`ll have another go!

somethingcorporate

Try a different bank, they may have rapidly changed their lending criteria but does seem more likely that it was a mistake somewhere!

DGJsaver

also , if its my deposit , and my wife has poor credit history , would it make a difference if i apply as a sole applicant? she looks after the kids and i am the wager earner...

DGJsaver

somethingcorporate wrote: »

Try a different bank, they may have rapidly changed their lending criteria.

I dont earn that as a carer , sorry i should specify ,my salary is as an office manager , my wife looks after the relative and has the kids...unpaid

somethingcorporate

DGJsaver wrote: »

I dont earn that as a carer , sorry i should specify ,my salary is as an office manager , my wife looks after the relative and has the kids...unpaid

I re-read the post and edited my response! my mistake, sorry!

DGJsaver

No worries! , the tool on Natwest site is a bit fuzzy for my liking , for example , other commitments , they seem to be saying , school fee`s etc , which sounds right because gas and electricity etc are payable in any new hous anyway......

And why does it ask me for the applicant numbers including dependent children ? i have been putting three in , myself and the two little ones and leaving my wofe off , mainly because of poor credit history and the fact she doesnt earn anyway so didnt think it was relevant....

Thrugelmir

DGJsaver wrote: »

And why does it ask me for the applicant numbers including dependent children ? i have been putting three in , myself and the two little ones and leaving my wofe off , mainly because of poor credit history and the fact she doesnt earn anyway so didnt think it was relevant....

It will be factored into the calculation. As your wife is a dependent relative. So extremely relevant.

DGJsaver

Hi , i understand , thanks , so i would put 4 in , and tick the sole applicant box..?

DGJsaver

Which gives me 98k on a 100k deposit on a 185k house....