We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Barclays/Woolwich mortgage calculator
SWB
Posts: 100 Forumite
I have used the Barclays (Woolwich) Mortgage calculator to guage an idea of potential lending. The figure is more than I expected after MMR. Does anyone know how accurate this is please? How reliable is the likelyhood of this figure being approved? Will the full value of credit cards/loans all be deducted? Thank you for anything you can add.
0
Comments
-
They have implimented a 4.5x income multiple.
So no matter what the calculator shows, it will not go above 4.5x.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 -
It is exactly 4.5 x multiple salary, thanks. Do you know if they reduce the offer by the exact amount of debt (CC & Loan) please? Thanks0
-
Not very is the answer to your question.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 -
No, its done on an affordability basis, so if your debt was £1 less, that does not mean they would lend you £1 more - if that was your question?
Also bare in mind, if you have any deductions that might have an impact.
I have just had an email to say their calculator has been updated - so its probably worth ignoring me as I have not seen the new calculator.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards