Confusion over amount we can borrow

inacrisis

We are in the process of moving house and looking at mortgages, we have done the only Barclays mortgage agreement in principle (both bank with Barclays and it says we can borrow up to 170k with the details we have given, (which are accurate) I then rang a broker and gave him the same details and he said we could borrow up to 220k!

Why would there be such a massive difference? Surely barlclays aren't that strict are they? I asked about the difference and he said my salary sacrifice car (400/month) and child care vouchers (400/month) aren't taken into account by some lenders? Is this correct? 800 a month seems a fair chuck of money for them not to class as unavailable for mortgage repayment? My car is due to end in Feb and I won't be renewing but I didn't tell them that. 170k is enough to for the house we want anyway but I was just interested in why there is such a big difference? And do some lenders really not look at salary sacrifice and only go off gross salary?

Thanks

cahillg81

Some lenders may not take salary sac's into account Barclays do. But don't go with the most you can borrow unless you need it go by rates, total cost etc don't overstretch.

ACG

Lenders do things differently, for example some lenders will automatically include childcare costs in their calculations so to then include childcare vouchers could be seen as a double whammy.

Calculations can vary massively.

inacrisis

Thanks,

We know what monthly payment we could comfortably afford and what maximum payment we could stretch too. For the houses we have been looking at we would be in the comfortable section We are looking at new build and have figured out what we can comfortably afford with only 5% deposit. So we know the first 5 years we will have a lower monthly payment but we plan to still 'pay' the same amount each month we would of done with a 5% mortgage and then after 5 years remortgage and pay off the 20% HTB loan and use what we have saved to add to the 'deposit'
ie

200k house price
150k mortgage 5 year fixed rate monthly payments = 790 (would be about 950 if we had 190k mortgage if we could even get 95% mortgage)
10k deposit
40k HTB loan

after 5 years mortgage remaining = 138k
house price approx 210k (total guess really)
20% HTB loan = 42.5k
saved amount from what we would 'save' in mortgage payments = 9k
equity without HTB amount = 30k + 9k savings = 39k
amount needed on remortgage = 171k

Does this sound like a reasonable way of going about things? Havent met properly with a mortgage advisor yet just had a quick chat on the phone about what we could borrow.

Thanks