Do banks offer significantly higher mortgages for longer terms?

Chris94

I went through a mortgage broker and applied for a mortgage of 62k under a first time buyer shared equity scheme.

Well the bank responded to my mortgage advisor today and apparently are only offering £48k despite getting an agreement in principle. Which means I have £14k left to find.

However this was for a term of 15 years. What's the chances that increasing the term to anywhere up to 35 will increase the mortgage offer by the 14k that I need?

ACG

It should increase, but whether it will go up by a third is difficult to say.
Income multiples could kick in beforehand.

Did your broker not come back with that as a suggestion? It may not come back with enough but it should get you closer.

Chris94

He says he'll ask them what the maximum affordability will be on a mortgage of 35 years.
I could boost my deposit by £4000 leaving me with a couple thousand left to reserve (after solicitor fees and furniture is bought). There would then £10,000 extra to cover. Hopefully it might boost it by a few thousand pounds and I reckon my parents might be willing to take out a loan in their name if it's not too much left which I will pay off. But I'm not sure how the banks would consider this :S

amnblog

It sounds like your broker is already managing this.

Who is the Lender?