Chances of LLoyds tsb negotiation?

Maximillion

would like to know what you think;

We currently have a mortgage with LLoyds for about 3.4 X my income. We want to move to a new house and would need at least 4 X to do it.

the current mortgage is fixed with 2.5 years to run and our Credit history/record is not too hot, however our current credit situation is fairly good.

Problem is I suspect LLoyds will not offer us with a big enough mortgage to make the move even if we pass the credit check. which will put us in the unfortunate position of having to buy our way out of the mortgage (ouch)

Do you think they will negotiate? why would they? are there any tactics to adopt? and are there other options to explore, like a second mortgage for the extra finance required?

waddyareckonfolks?

toonfish

the first thing to do is ask them - 4x salary will fit their general criteria so you should be OK.

Maximillion

thanks Toon fish - got an appointment today :eek:

dunstonh

Lloyds dont work on income multiples generally. They work on affordability. I dont know if the differential still exists as a lot of time has passed but when I was at Lloyds, the C&G branches had better lending discretion than the Lloyds branches even though it was the same mortgage product.

Maximillion

went surprisingly well today - it appears the improvement in our finances has finally paid off in the credit search arena and we were approved for a figure approximately 4.3 times my salary. however I think the actual amount they would lend us was based on their records and or the credit report, which would more than likely indicate a higher income as I usually do some overtime plus my wifes income (benefits/tax credits) would be a factor.
the advisor said that they take monthly payments for other debts off the income before multiplying.
Thanks for your input people