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Huge difference in online Calculators
g40lew
Posts: 19 Forumite
Hello,
I am finding that there is a big gap between figures on calculators for instance Natwest is saying we could potentially borrow £218k however Nationwide whilst entering the same figures is stating we could potentially borrow £270k. Any idea on how accurate either of these are?
I am finding that there is a big gap between figures on calculators for instance Natwest is saying we could potentially borrow £218k however Nationwide whilst entering the same figures is stating we could potentially borrow £270k. Any idea on how accurate either of these are?
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Comments
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Any idea on how accurate either of these are?
They are based on their own internal lending criteria. So, you will get differences. However, they should largely be taken with a pinch of salt as some lenders may be willing to stretch their criteria depending on your overall situation whilst others may actually lend less than the online calculator due to information that the online calc did not consider.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Online calculators are for guidance only. I've had clients come to me saying they were told they could get a mortgage of XXX when in reality I as a broker know they will never get near that amount.
It's a bit like the estate agent who comes in and values your house way above everyone else - hes hoping that by floating a big number you'll go to him. Even though in the end he'll probably sell for the same as the other agents who told you a sensible cost at the start.I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0 -
Any idea on how accurate either of these are?
When not used by an experienced broker or bank staff member?
Not very.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Lenders do vary, I have seen £50k in the bulk of the market and then closer to £150k with natwest with one case I was looking at - if you know their (or any lenders) quirks.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I second that, a good broker knows what to put in what figures where so to speak. It worked for me when most lenders were way off the mark and Natwest came top trumps.0
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