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Agreement In Principle Confusion
Aamyee
Posts: 2 Newbie
I am buying my first home and completed Lloyds Bank AIP today to see how much I could borrow.
I am first time buyer, living at home with a salary of £45k and £18k overtime. Outgoing average £500 per month.
I entered all of my details being 100% honest and accurate and the figure they gave me was £427500 with a minimum deposit of 10%.....Surely this can't be right!!??
I am first time buyer, living at home with a salary of £45k and £18k overtime. Outgoing average £500 per month.
I entered all of my details being 100% honest and accurate and the figure they gave me was £427500 with a minimum deposit of 10%.....Surely this can't be right!!??
0
Comments
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No, that will be wrong.
At most you will be looking at around 4.5-5x income but it will probably be less.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 -
Well that's what I though so how have they come up with that figure if I entered everything correctly??0
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Some lenders will show the maximum they will lend but without their income cap in place.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
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You've keyed something wrong. Plain and simple.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 -
the calculator shows that if you have £45k salary and £75k other income with £500 outgoingsI
I entered all of my details being 100% honest and accurate and the figure they gave me was £427500 with a minimum deposit of 10%.....Surely this can't be right!!??
for £45k and £18k with £500 outgoings it shows £265,0500
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