Santander mortgage - realistic ?

caevans

Hi
Advice please! We phoned Santander and on our joint earnings of 38k they could lend us 148k. This seemed a lot to us and not sure if this was them plucking numbers out of thin air? We have childcare costs of 500 a month which will drop by 200 once eldest goes to school this year. We have approx 65k equity in our current property.
We had hoped to get a mortgage of around 125k to buy a house at 190k.
My mums friend works for a FInancial advisor. She has looked at our figures and said we can only borrow 98k. Can I presume from that, that she has checked Santander etc and is better informed as to what we can get? I don't really want to question her as she has got the figures together as a favour.
Are there any mortgage lenders that tend to lend more than others? Is it worth contacting Santander to ask them to double check their figures?
Sorry, I find mortgages so confusing.
Many thanks

amnblog

Your mum's friend 'works' for Financial Adviser?

I think it is dangerous to assume she knows what she is doing.

Unless you have a lot of addition debt or a dozen children it appears the Santander figures is the more accurate one.

£125,000 on £190,000 looks well within your reach but £123,500 is under 65% loan to value and will access some better rates.

Look to pay £510 to £535 pm over 25 years as an example.

caevans

Thanks! Would really love to get down to £500 a month, at the moment we are paying 650, so will bear that in mind

gazter

caevans wrote: »

Hi
Advice please! We phoned Santander and on our joint earnings of 38k they could lend us 148k. This seemed a lot to us and not sure if this was them plucking numbers out of thin air? We have childcare costs of 500 a month which will drop by 200 once eldest goes to school this year. We have approx 65k equity in our current property.
We had hoped to get a mortgage of around 125k to buy a house at 190k.
My mums friend works for a FInancial advisor. She has looked at our figures and said we can only borrow 98k. Can I presume from that, that she has checked Santander etc and is better informed as to what we can get? I don't really want to question her as she has got the figures together as a favour.
Are there any mortgage lenders that tend to lend more than others? Is it worth contacting Santander to ask them to double check their figures?
Sorry, I find mortgages so confusing.
Many thanks

Santander have different amounts they'll lend based on the credit rating you get, i was taken aback a bit by how much they said they would allow us to borrow if we came back with excellent credit.
There are several lenders out there who will allow you to borrow at 4.5x your income (minus child care costs) which should get you where you want to be.