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Why am I being offered more?
Hanger_boy89
Posts: 118 Forumite
I keep seeing it thrown around that lenders won't offer more than 4/4.5x your salary. My salary is currently £16,500 with an extra £1,200 a year in the form of monthly commuting allowance (which I don't even need as I can walk to work). When I do mortgage calculators online, HSBC and Halifax say they'll give me £90,009. This is obviously more than 4.5x my salary. Does it have to do with the fact that I'll have a £200,000 deposit and only a £90,000 mortgage, or shouldn't that make a difference?
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The bank of england has said that mortgage lenders should not lend above 4.5x income for 85% of their customers. Basically if they can find a small low risk niche, they can go above 4.5x income. So it is possible you may have found one of those little gaps in the market, however despite the calculator giving you that figure, there is no guarantee the underwriter will agree to that amount once a full application is made.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 are keying something wrong as Halifax might go to £83,315 tops.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 -
Lol, or that :PI 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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