Who would lend me the most?

deejbk01

cahillg81 wrote: »

nationwide are one of the better lenders for affordability.

Noone will take account of your £200 "maintenance" that your father pays you.

What is your deposit and what term are you looking at?

Yes, that's certainly consistent with what I've found so far, however to get around that, rather than it being a £200 maintenance payment, I could just arrange with my dad to give him some mathematics and physics tutoring at £200 per lesson. I may have to pay tax what he pays me, but surely then I could get additional monthly income of £120ish from part-time tutoring factored into my DIP???

I have 20k saved for a deposit, and I am looking at a 40 year mortgage.

csgohan4 wrote: »

Rules are there for a reason, to stop people lending way above what they can afford.


Rules are the same for everyone from someone earning 20k to 200k.


FYI they see if you can afford more than 3% above their rates at least, sometimes going up to 4%, not a measly 1% for their stress tests.


It's no longer just a multiplication of your salary but also affordability, current loans, commitments e.t.c.


Also how you look to a lender. If you have minimal deposit, you are a higher risk and therefore your rates will be a lot higher than say someone who has a 40% deposit.


htt...-test


On a side note, doing multiple DIP's hurts your credit file in the space of a year

I have no loans, nothing.

I appreciate the rules are there for a reason, I know they have to stop lending to people who can't afford to borrow, but what I'm asking is isn't there any lenders that won't use the same metric for both the irresponsible and the savvy. Lenders rightly have to reject many people who can't afford to borrow that amount, but as I said in my OP I am a very disciplined budgeter and have meticulously calculated that I would be able to cope with a 5 point jump. Moreover a 3 point as the FPC recommended, with only minor refinement to my spending

cahillg81

That is technically Mortgage Fraud to do that. You would also need to have 2 years accounts.

You need to be more realistic with what you are hoping to achieve as well. If I have worked that out you are looking to borrow around 92% of the property value?


Have you considered equity share/shared ownership or any of the help to buy schemes to get your foot on the ladder?

wjr4

Please can I also be sent the link