Huge difference in mortgage providers

GlamGirlie

HSBC are pretty much the most conservative bank on the high street.

They do not use salary multiples to ascertain affordability.

Instead, you cannot have more than 60% of your NET monthly income as committed outgoings.

Committed outgoings include mortgage, utilities, credit card repayments, loan repayments, other legal payments for example child maintenance or ex-partner divorce payments etc.

Committed outgoings do NOT include food/gym/Sky tv etc.

RockPaperScissors

Ah!

That's really useful to know! Thanks GlamGirlie! That would explain the lower figure from them, as my wage wouldn't be high enough to ensure <60% committed

Thrugelmir

RockPaperScissors wrote: »

And it seems doable in terms of monthly repayments.

and if interest rates rose 2%, 3% or even 4%. What then?

Interest rates are at all time lows. There's no certainty as to the future.

Let_Us_See

Best mortgage advice? It is not how much you can borrow, but how much you can realistically afford to pay monthly.

Luckily, no lender is going to advance 6 x gross income - not even Barclays are that silly!