Halifax mortgage calculator

Avicov

Good evening

I'm using the "how much can I borrow" calculator on Halifax and has anyone had any experience with this. I know it's a simple calculator with a few questions but it does seem to churn out very low figures on what can be borrowed compared to other banks calculators. In fact there is a £100k difference!

Does the online calculator tend to calculate on the low side compared to reality when you go for a API?

Cheers!

lazysundays

Our DIP with Halifax is about £50k higher than the various 'how much can we borrow' online calculators we used.

amnblog

Avicov wrote: »

Good evening

I'm using the "how much can I borrow" calculator on Halifax and has anyone had any experience with this. I know it's a simple calculator with a few questions but it does seem to churn out very low figures on what can be borrowed compared to other banks calculators. In fact there is a £100k difference!

Does the online calculator tend to calculate on the low side compared to reality when you go for a API?

Cheers!

It doesn't.

Major differences in calculation are more likely to be due to your completing the wrong figures in the wrong boxes.

As I have said before on the forum, online calculators are potentially misleading unless you are used to using them.

Jason_Bourne_2

My dip with Halifax was £10k less than the calculator.

Avicov

Is it known that some lenders offer a higher mortgage amount than others in the business?

We have a combined income of £120k and were looking to get a £600k mortgage.

Jason_Bourne_2

amnblog wrote: »

It doesn't.

Major differences in calculation are more likely to be due to your completing the wrong figures in the wrong boxes.

As I have said before on the forum, online calculators are potentially misleading unless you are used to using them.

It does vary quite a bit actually as the Halifax one doesn't ask about monthly comments other than credit cards and loans, most others do.

kingstreet

Avicov wrote: »

Is it known that some lenders offer a higher mortgage amount than others in the business?

We have a combined income of £120k and were looking to get a £600k mortgage.

So you want 5x income?

Are you using a Government scheme, such as HTB - MG?

If so, Halfiax maximum is 4.5 x.

Are you buying a newbuild? If so, ot's 4.5 x and you have to factor-in 3% of the equity loan.

Is the property freehold or leasehold? Have you entered your own ground rent and service charges, or let the system average it using the "Leasehold" option? The mortgage term will determine what is affordable too.

Please get professional advice.

kingstreet

Jason_Bourne wrote: »

It does vary quite a bit actually as the Halifax one doesn't ask about monthly comments other than credit cards and loans, most others do.

That's because Halifax uses ONS stats for the size of the household to admit normal outgoings. You need to enter;-

childcare
maintenance
ground rent & service charges
credit commitments

and any other "unusual" outgoings a typical household might not have.