Brokers/Lenders

listerinspector

FTB here. After reading the booklet available here from L&C, I was advised to check other brokers too.

1. Is there a website similar to comparison sites where you can get a estimate of which banks/lenders can lend you how much?

2. I'm going for a viewing tomorrow, every estate agent I've
contacted to arrange a viewing has also offered their own in house broker too. So my question on this is are they all the same? what if I don't buy from that agent, can I still use the broker?

After calling L&C, they advised that the maximum I can borrow is 5x my salary but didn't tell me which lender it was. I was warned that the lender is important.

ACG

1) No, even the tools we (as brokers have) do not do that. All affordability calculations are going through changes at the minute. Some lenders have made their changes others will have done it by the 26th.You would need to go on each lenders calculator and check yourself. Just bare in mind that some lenders have not updated theirs yet for some impending changes.

2) You can buy from an agent and not use their broker (no matter what b/s they tell you) - some will try to blackmail/coerce you into using their broker - DONT! They have to treat you the same as someone not using their solicitors/brokers.

Bare in mind as soon as their broker knows how much you can afford, those figures could get back to the agent and impact upon any negotiations in price. As someone on here put it, its like playing poker with your cards showing.

You can lend more than 5x your income in certain circumstances. Personally i work to the tune of 4x income initially and then work upwards if needs be.

listerinspector

Thanks. What changes are happening on 26th?

Also, what circumstances can you borrow more than 5x?

Think with calculators is that the figure they give you is from A to Z and there could be around 40 difference between A & Z. I just want something more accurate without being credit checked.

GMS

You need to speak to a broker. Initial chat likely to be free.

Loan will be dictated by salary, credit score, LTV, credit commitments, dependents and expenditure.

Give an idea of the above and you might get an idea of where you are likely to get to in terms of borrowing.

ACG

Its mortgage market review (mmr), affordability is being much more stringently tested. I had a client last month who could get over 5x his income, now we are struggling to get 4.5x his income.

The calculators on lenders website are pretty accurate i find. They are geared up to the more average person so if you have something out of the ordinary then it could be out.

Circumstances as in expenditure - if your a single person on say £50k a year with no debts and putting down a 15% deposit for example then im sure getting 6x income would be achievable. Your broker has given you a ballpark figure to help you, it will come down to affordability.