Income Multiples For Single Mortgage Applicants

libf

TCA wrote: »

From what I can see there are only the 3 lenders I mentioned above that can compete with my own bank's offer. I'd rather not start the broker process to be honest as I'm pushed for time, so was hoping on a very quick steer as to these lenders.

e.g. Several posts on here have said that Nationwide and Yorkshire are difficult to get offers from. I just want to know from the perspective of 2 years SA302's (everything else being equal) whether Nationwide, Chelsea or Yorkshire would entertain me.

If someone can just tell me on what basis they evaluate income, then I can rule them in or out. If they need 3 years or just use current year, then that's no good. Anyone?

That's the sort of information that you need to pay a broker for... Or take a punt yourself and see if it works out, and if it doesn't then take the time penalty of starting over.

jacobtheamish

Loyalty is a one way street with banks, they really do not care who you are and how long you've had an account.

TCA wrote: »

I'd rather not start the broker process to be honest as I'm pushed for time, so was hoping on a very quick steer as to these lenders.

Using a broker is typically significantly quicker than a lender direct. Bear in mind you'll need two appointments with the lender which are 2-3 hours a piece. Most of the banks near me are offering appointments with 2-3 week lead times (in some cases a 6 week wait)
If you are sure of your own research and have plenty of time to spend on the phone or sat in branch, then go straight to branch. Plenty of whole of market brokers do not charge a fee so I often struggle to see why you would go direct.

RBS are not renowned for there competitive rates, there criteria and affordability are often the attraction.

TCA

libf wrote: »

That's the sort of information that you need to pay a broker for... Or take a punt yourself and see if it works out, and if it doesn't then take the time penalty of starting over.

Thanks for replying. I would have taken a punt and applied online for an AIP but don't want "hard" credit checks on my record if my application has low chance of success to begin with. Thought maybe someone in the industry would be able to say whether these checks were hard or soft.

I can see from the Yorkshire and Chelsea online calculators that they ask for 3 years self-employment income. If they work strictly to that, then they're not options. Nationwide is different but is showing far less borrowing power than my RBS AIP. It doesn't sound to me like it's worth paying a broker to tell me that, so I'll maybe just go with my current offer.

libf

TCA wrote: »

Thanks for replying. I would have taken a punt and applied online for an AIP but don't want "hard" credit checks on my record if my application has low chance of success to begin with. Thought maybe someone in the industry would be able to say whether these checks were hard or soft.

I can see from the Yorkshire and Chelsea online calculators that they ask for 3 years self-employment income. If they work strictly to that, then they're not options. Nationwide is different but isn't showing far less borrowing power than my RBS AIP. It doesn't sound to me like it's worth paying a broker to tell me that, so I'll maybe just go with my current offer.

Nationwide is a hard check at DIP on Experian (got one myself in May) but just a 'normal' person so idea about their take on self-employed. (Not meant for 'normals' but you could try http://www.nationwide-intermediary.co.uk/.)

TCA

libf wrote: »

Nationwide is a hard check at DIP on Experian (got one myself in May) but just a 'normal' person so idea about their take on self-employed. (Not meant for 'normals' but you could try http://www.nationwide-intermediary.co.uk/.)

Thanks, I'll check out the link. My post re Nationwide should have said "IS showing far less borrowing power than my RBS AIP."

TCA

jacobtheamish wrote: »

Plenty of whole of market brokers do not charge a fee so I often struggle to see why you would go direct.

Thanks for the reply. I was only talking about trying a quick online AIP direct to see where that got me, or failing that, someone to tell me the income criteria to save me the bother of applying and possibly getting a hard check against my name.

I appreciate what you're saying about the time issue, but if I'm on a non-starter to begin with, it's a waste of time for all concerned. From my last post above regarding the lenders online borrowing calculators, it appears that for Chelsea and Yorkshire you need 3 years self-employed income. I was only asking for confirmation of that, because if that's the case, I don't qualify. End of story.

jacobtheamish wrote: »

RBS are not renowned for there competitive rates, there criteria and affordability are often the attraction.

Yes, I think because RBS include dividend income, this is working in my favour. Also by some quirk my good 25 year RBS credit card history isn't released to CRA's (because of its age), but of course RBS have that info, so it probably also works in my favour.

All in all I think the RBS 5 year fix at 2.23% is going to do the job. Thanks to all for the replies.