Metro finance mortgage brokers- help!!!!

lola_26

Hi MSE,

I am trying to purchase my first home and have secured a mortgage agreed in principle from my high street bank. The company who are selling the houses have asked me to contact metro finance mortgage brokers for an affordability check. Metro have recommended I can only have a 55% share vs my bank saying I can have a 75% share.

I'm so confused by the whole thing. Metro haven't seen wage slips, bank statements or anything yet they have the power to dictate how much I can buy.

Has anyone got any advice / tips. I'm at the end of my emotional tether and thinking of giving up on the whole idea of owing my first home...

With thanks,

Lola

kingstreet

What kind of property are you buying?

Shared ownership by any chance?

If so, the HCA Shared Ownership calculator determines what share you can afford, not your mortgage lender. In my experience, lenders will often lend more than the HCA feels comfortable.

The HCA SO calculator has an assumed max income multiple, max mortgage term which cuts off at 65, debt to income ratio and takes into account the rent on the share you don't buy.