Who tends to be most generous with lending?

Hanger_boy89

I've been doing some mortgage calculations on various banking websites and so far HSBC seems to offer me the most money for a mortgage, while Nationwide are the most stingy. From your experience, who tends to be the most generous?

ACG

There is no definitive answer to your question.
It all depends on the applicants circumstances.

I have read a couple of times on this forum that HSBC reduce the loan amount at application stage if they are unhappy with something.

Hanger_boy89

I'm trying to work out who is best to apply with. Ill have a £200,000 deposit and would be looking at a property worth £290,000. I do have a couple of debts to pay including an essential loan that I took out for medical surgery, but I'm already paying these debts off now in installments. My Experian credit score is currently 749 and I'll be getting the debts paid off before completion of the mortgage.
My Salary package is £18-19,000 and I'm being told by most lenders online that they'll give me somewhere in the £70-80,000 range, making payments around £300 a month.
What do you think my chances are of being accepted for a mortgage? I've never had a single missed or late payment and the only thing I have against me right now is my total debt, but this will be cleared before I complete on a mortgage anyway.

Hanger_boy89

And does the amount of deposit you have count for any bearing in terms of how much lenders will give you?

ACG

There should be enough options for you.The deposit will help the scoring of the application usuallyand with it being a low LTV it may help you to lend more but it will not allow you to lend more than the figures the calcualtor produces.

If you have found a deal you are happy with and it shows enough, all you can do is apply. If it come back as less then you can appeal or find a new lender.

Hanger_boy89

Thanks for that, I'll be in a position to apply for a mortgage in Summer next year hopefully. I want to try and save as much money before then in order to put it towards the deposit too. I just hope I can borrow enough money!

WillyWonga

Go and see a whole of the market broker.

The deposit is a great help, your salary may turn a few lenders away thats where a broker will come into play.

HSBC are renowned for being a picky fussy lender so dont be fooled by the calculators. Your credit score is worthless to banks - they will assess you themselves.

Knowledge is key - a broker will know a bank which will fit.

Good luck.

Hanger_boy89

Thank you! I think I may have to make an appointment to see a broker in that case.