How much i can borrow confusion

topcat007

Hi again !

So i have just done the nationwide how much you could borrow calculator and it is £6000 under what i need unless i extend the 25 years to 33 years.. I only want 25 years.

I now do not want to do the DIP as they do a credit check and do not want any red marks against my credit record.

Is the calculator only a rough idea and in branch this is likely to be looked at in more detail ? Or should i take this as a no chance?

First one i have done of these so not sure.

Here is the calculator:

http://www.nationwide.co.uk/products/mortgages/our-mortgages/tools-and-calculators/how-much-could-you-borrow

Thank everyone

Thrugelmir

The calculators are not definitive only a guide. Though do normally set a ceiling.

theoretica

Could you take it out for 33 years but overpay to bring the real term down to 25 or less?

MLSY

hi topcat007

different lenders calculators will give different maximums depending on the make up of your income and expenditure so try more or see a broker who can do it for you

as above if you have a longer term you can pay extra to reduce the term
regards

topcat007

MLSY wrote: »

hi topcat007

different lenders calculators will give different maximums depending on the make up of your income and expenditure so try more or see a broker who can do it for you

as above if you have a longer term you can pay extra to reduce the term
regards

theoretica wrote: »

Could you take it out for 33 years but overpay to bring the real term down to 25 or less?

Thanks great idea both thank you very much ! never crossed my mind

kingstreet

We have no way of knowing if you put the right amounts in the right boxes. For example, the travel costs box is not cut and dried as you don't put all your monthly travel costs in there.

Ask a broker to go through this with you and you'll know for definite whet they will lend.

Also, follow the guidance to do a longer term and overpay. That way you repay in the term you want and get the mortgage amount you need.

topcat007

kingstreet wrote: »

We have no way of knowing if you put the right amounts in the right boxes. For example, the travel costs box is not cut and dried as you don't put all your monthly travel costs in there.

Ask a broker to go through this with you and you'll know for definite whet they will lend.

Also, follow the guidance to do a longer term and overpay. That way you repay in the term you want and get the mortgage amount you need.

Hello and thanks for all your help!

Do brokers cost money somewhere along the line and how much? I am a bit clueless as to what they are going to be doing different to me ?

If i go in branch will they be filling out the DIP exactly the same as me online or can they advise on things?

kingstreet

Hopefully, they won't do a decision in principle without first establishing if the amount you can borrow actually meets your needs.

You may pay a fee to a broker and that fee may be repaid several times over in reduced mortgage costs and reduced hassle and inconvenience.

amnblog

topcat007 wrote: »

Do brokers cost money somewhere along the line and how much? I am a bit clueless as to what they are going to be doing different to me ?

If i go in branch will they be filling out the DIP exactly the same as me online or can they advise on things?

Brokers know what they are doing and will ensure you do not make a mistake.