Who will lend the most?

edcldn

I realise that all will depend on the detail, but I am trying to get an idea of which lender might lend me the most. I am looking to move home in the next few months and would like to have a vague idea of what my budget might be before I go to a broker or lender formally.

I will be a second-time buyer in London. I earn a solid professional salary. I have no other debts or obligations beyond my mortgage and usual living costs. No car, no children etc..

I heard that Barclays may lend up to 5.5 x salary. Do any other lenders go that far, or even further? Does anyone know?

Comments appreciated.

Thrugelmir

Try the online lenders calculators to gain an idea.

kingstreet

Enter your details in different online lender affordability calculators and gauge the outputs for yourself.

The intermediary calculators are usually more comprehensive, but be careful with your entries on each one.

edcldn

Thanks. I was hoping for a bit more insight than "look at the online calculators". I suspect that the online calculators are designed to be highly conservative.

Are there any brokers or others with direct experience who can assist?

enthusiasticsaver

It is not a blanket multiple with most lenders. There are lots of variables when credit scoring for a mortgage. It depends on whether you are on a fixed term contract or permanent and they look at affordability too. This means they may take child maintenance and certainly other debts into consideration. 5.5 sounds high and I did not think any lender went that high. Your best bet is to go and see either a mortgage broker or a few banks. Barclays never seem to have Best Buy mortgages so you should not be looking just at how much they will lend. You need to make sure you can afford the monthly payment with other commitments.

enthusiasticsaver

I do know Halifax offered my daughter and son in law a lot more than they wanted so they may have higher than usual multiples. The mortgage rates are usually lower than Barclays too.

spadoosh

Ill second halifax. Lent me more than MSE calculators suggest.

Consistently seem to suggest theyre willing to lend more through the various calculators compared to other lenders.

When i took out my mortgage they only used 1 income when i had 2 equal ones and the OH's effectively reducing affordability by a quarter but never had an issue.

Obviously how much they say they will lend and how much they do will probably differ.

kingstreet

edcldn wrote: »

Thanks. I was hoping for a bit more insight than "look at the online calculators". I suspect that the online calculators are designed to be highly conservative.

No. They are very accurate when completed correctly.

Are there any brokers or others with direct experience who can assist?

You won't find any broker listing lender names on here. Too regulatory risky.

edcldn

Thanks all.

amnblog

We deal with Professionals every day. As stated above, it is a lot more complex than x Lender will lend the most.

Barclays for example wont lend 5.5X to most applicants, but 'may' to some.

If you are stretching on affordability use a Broker is the message as we know the angles.

edcldn

Great to hear from a professional. Many thanks!