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HSBC vs HALIFAX mortgage

martinlewisjunior
martinlewisjunior Posts: 94 Forumite
Fifth Anniversary 10 Posts
edited 28 February 2017 at 2:58PM in Mortgages & endowments
In about two years I will be looking at buying a house or flat.

I've worked out if I continue to save as I am and use the government Life ISA I will have approx
£21,000 deposit.

Now looking at Halifax I typed in my salary which is £29,500 they are offering me just over £140,000 (no option to provide how big my deposit is)

At HSBC if I type in what my deposit will be + my salary right now. They will offer me £182,000

Which is a big difference. An extra 42k for what exactly?

Does anyone know why this is? Or is it an error in their system?

Side note this is using their mortgage calculators and not an agreement in principle.

Thanks

Martin Lewis Junior :money:

Comments

  • sultanabran
    sultanabran Posts: 172 Forumite
    edited 28 February 2017 at 3:44PM
    Are you sure you are using the Halifax website correctly?

    There are two sections; How Much Can I Borrow? and How Much Will It Cost?

    If you go through both of these I think it gives you a fuller picture.
  • martinlewisjunior
    martinlewisjunior Posts: 94 Forumite
    Fifth Anniversary 10 Posts
    Hi I am yes

    Under How Much Can I Borrow? It doesn't allow me to enter a deposit.

    Only under How Much Will It Cost?

    For HSBC It allows me to borrow more based on my deposit.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    martinlewisjunior wrote: »
    Hi I am yes

    Under How Much Can I Borrow? It doesn't allow me to enter a deposit.

    Only under How Much Will It Cost?

    For HSBC It allows me to borrow more based on my deposit.


    I just used the Halifax site and was able to put in the deposit.
  • Futuristic
    Futuristic Posts: 1,236 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Use this:
    https://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

    I usually goto intermediaries sites for research/affordability comparison between banks as they're usually more helpful and thorough :)
  • martinlewisjunior
    martinlewisjunior Posts: 94 Forumite
    Fifth Anniversary 10 Posts
    Hi yes you can put in a deposit but not under How much can I borrow section?

    You can put it under How much will it cost. which makes no impact on how much you can borrow.

    HSBC lets you borrow more based on your deposit, that's what I'm trying to say but I don't understand why
  • martinlewisjunior
    martinlewisjunior Posts: 94 Forumite
    Fifth Anniversary 10 Posts
    Tried the HSBC intermediaries calculator.

    intermediaries.hsbc co uk/calculators/affordability-calculator.html

    Looks as though it's just a rookie error on the website! :( Won't let me have £184,000
  • SouthLondonUser
    SouthLondonUser Posts: 1,445 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Combo Breaker
    Do bear in mind that lending criteria and conditions may well be different in two years. It's all well getting an idea of what you'd get now, but do bear in mind things may be different in 2 years.
  • amnblog
    amnblog Posts: 12,779 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    SouthLondonUser wrote: »
    Do bear in mind that lending criteria and conditions may well be different in two years. It's all well getting an idea of what you'd get now, but do bear in mind things may be different in 2 years.

    Will be different - they always are
    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.
This discussion has been closed.
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