How do these lenders stack up?

davegriff

Yes virgin get the valuation done first , it was done within the first few days, it's just a case of proving all the info you said for AIP is correct , my broker blamed it on help to buy making things very busy

Yorkie1

JakeW wrote: »

I'm aiming for 30% LTV, so Woolwich might be a good move for me based on your comments brooklyn07.

Just checking - have you got a deposit of 70%, or are you wanting to borrow 70% with a deposit of 30%?

JakeW

Yorkie, I wish I had a 70% deposit! I'm hoping to put down a 30% deposit, though I'm not really sure if or how deposits affect your affordability (I don't think they have any influence).

Does anyone have any info on how long these lenders offers last? I've read on here that Virgin offers now last 24 weeks/6 months but the others are still a mystery?

Thank you

wrkactjob

suziqqq wrote: »

Application to offer in just over 3 weeks with Halifax only 1 payslip and no bank statement needed expires in 4 months from offer date

Interesting that they didn't require any bank statements, is that because you bank with them though?

Yorkie1

Yorkie1 wrote: »

Just checking - have you got a deposit of 70%, or are you wanting to borrow 70% with a deposit of 30%?

JakeW wrote: »

Yorkie, I wish I had a 70% deposit! I'm hoping to put down a 30% deposit, though I'm not really sure if or how deposits affect your affordability (I don't think they have any influence).

In that case you are looking at 70% LTV, not 30% LTV as you mentioned earlier in the thread.

The LTV impacts on the rates available from the lenders, and will also be part of the lender's overall assessment of the case and whether they are prepared to take a risk of lending (the higher the LTV, the stricter the criteria).

davegriff

Virgin offers are 16 weeks, well mine is anyways

andyuk01

Google halifax intermediaries (or woolwich) and have a play on the calculators, read through the documents and check the criteria for the mortgage you are thinking of

Most of the answers can be found there, if not then you can ask your broker

JakeW

Yorkie1, you're quite right, my mistake, I'm looking at 70% LTV / 30% deposit, had it the wrong way around. Hoping that at least gets me somewhere!

Andyuk01 - Yep, I've had a look at the intermediary calculators where possible. The Woolwich one seems pretty comprehensive, so I'm hoping it's relatively accurate. Same goes for Virgin and Santander, both seem to want lots of info so hopefully they're spitting out realistic results?

The Halifax calculator seems really, really basic though. I believe the 'monthly credit commitments' is basically your outgoings, but no idea if this is meant to include service charges, travel, council tax, utilities etc? Gives no clues or help at all!

Thank you

amnblog

None of these affordability online calculators are any good unless you know how to use them.

Even if you do there are other affordability issues that can come to light during application.