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Huge difference in mortgage providers

RockPaperScissors
RockPaperScissors Posts: 359 Forumite
Debt-free and Proud!
in Mortgages & endowments
Hi all,

This is my first time posting a "serious" question about my finances.

I am currently looking at my first ever mortgage (gulp).

I have been using a few of the various bank calculators and have seen such a huge difference.

Barclays have said I can have in the region of 160,000 but HSBC said 105,000.

That seems like such a massive difference (the difference between me being able to get one or not basically).

Any insight would be really useful.

I am a total noob at mortgage-type stuff so bear with me.

(also about to go in to a meeting so forgive me if I don't reply ASAP :D)
DEBT FREE AT LAST!
Virtual Sealed Pot Challenge 2014 - Member 161
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«1

Comments

  • DGJsaver
    DGJsaver Posts: 2,777 Forumite
    Is barclays your current account and savings etc provider as well?
  • RockPaperScissors
    RockPaperScissors Posts: 359 Forumite
    Debt-free and Proud!
    No I'm actually with Lloyds, but the Barclays calculator looked simple hence trying it! :p
    DEBT FREE AT LAST!
    Virtual Sealed Pot Challenge 2014 - Member 161
    Single Pot 1 Total:£23.32
    Joint Account Pot Total:£6.67
  • DGJsaver
    DGJsaver Posts: 2,777 Forumite
    Ahh , Ok , i should have realised that you were only using the on line calculators so if wouldnt have made any difference anyway....is it likely your `own` bank would offer more as they have indepth knowledge of your finances i wonder
  • RockPaperScissors
    RockPaperScissors Posts: 359 Forumite
    Debt-free and Proud!
    Yes that would make sense!

    Such a huge difference is very confusing.
    DEBT FREE AT LAST!
    Virtual Sealed Pot Challenge 2014 - Member 161
    Single Pot 1 Total:£23.32
    Joint Account Pot Total:£6.67
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Do you have any dependents i.e. children. As this impacts on potential mortgage from lender to lender.
  • RockPaperScissors
    RockPaperScissors Posts: 359 Forumite
    Debt-free and Proud!
    No dependents.

    Mortgage would be on my earnings alone.
    DEBT FREE AT LAST!
    Virtual Sealed Pot Challenge 2014 - Member 161
    Single Pot 1 Total:£23.32
    Joint Account Pot Total:£6.67
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    There are huge differences between lenders.

    How much are you buying for? What is your deposit? How much do you earn?

    A broker may be useful for you.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • RockPaperScissors
    RockPaperScissors Posts: 359 Forumite
    Debt-free and Proud!
    GMS wrote: »
    There are huge differences between lenders.

    How much are you buying for? What is your deposit? How much do you earn?

    A broker may be useful for you.

    I earn 25k.

    I am looking around £150-£160k mark, which Barclays version says is within reach.

    I would be wanting to put as little deposit down as possible (so £10%).

    I have actually looked at the new builds for first time buyers as the deposit is 5% which is great, but there's nothing of any interest or within my price currently in my area.

    Thanks - I may try a broker :)
    DEBT FREE AT LAST!
    Virtual Sealed Pot Challenge 2014 - Member 161
    Single Pot 1 Total:£23.32
    Joint Account Pot Total:£6.67
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    RockPaperScissors wrote: »
    I earn 25k.

    I am looking around £150-£160k mark, which Barclays version says is within reach.

    Realistically, unlikely you would obtain 90% LTV on that salary.

    Have you drawn up a personal budget for yourself to ascertain how much is affordable.
  • RockPaperScissors
    RockPaperScissors Posts: 359 Forumite
    Debt-free and Proud!
    Yes,

    And it seems doable in terms of monthly repayments.

    I will go away and have a closer look for now :)

    Thanks everyone.

    :D
    DEBT FREE AT LAST!
    Virtual Sealed Pot Challenge 2014 - Member 161
    Single Pot 1 Total:£23.32
    Joint Account Pot Total:£6.67
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