We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can you request more borrowing...
RedfordML
Posts: 914 Forumite
Been customers since 2007, over paid our mortgage last 2/3 years on a monthly basis and we have asked what our max borrowing is as we would like to buy a 4 bed family home.
We have been informed, given our 25% deposit we could borrow £245k - however, unfor were we live, we would require £275k to achieve the house we need and also its the min value for a 4 bed in this area.
Has anyone requested more borrowing and been given the extra?
Can we appeal?? Or would we be wasting our time?
Thanks for reading...
We have been informed, given our 25% deposit we could borrow £245k - however, unfor were we live, we would require £275k to achieve the house we need and also its the min value for a 4 bed in this area.
Has anyone requested more borrowing and been given the extra?
Can we appeal?? Or would we be wasting our time?
Thanks for reading...
0
Comments
-
Look for another lender.
An affordability model is based on a lender's attitude to risk and it sounds like yours might be more conservative. Lenders don't usually break their maxima.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I assume from your post this offer was from you current lender .I think you need to shop around more.Been customers since 2007, over paid our mortgage last 2/3 years on a monthly basis and we have asked what our max borrowing is as we would like to buy a 4 bed family home.
We have been informed, given our 25% deposit we could borrow £245k - however, unfor were we live, we would require £275k to achieve the house we need and also its the min value for a 4 bed in this area.
Has anyone requested more borrowing and been given the extra?
Can we appeal?? Or would we be wasting our time?
Thanks for reading..."Do not regret growing older, it's a privilege denied to many"0 -
Thank you. I think the rates are decent in comparison, but totally see what's been advised.
I don't believe banks would work like this, but could we say xxxx BANK would lend us the £275k - "we want to stay loyal...etc etc can you match"
If not, I think you maybe right.0 -
No
Go and see an independant mortgage broker.
Loyalty counts for little these days.0 -
No. That's not the way it works.
Key your data into different lenders' affordability calculators and you will see the difference.
Enter only the data which is requested. Many lenders use ONS figures for "normal" outgoings and are interested only in things like;-
childcare
school fees
ground rent & service charges
maintenance
credit card/store card debt
loans/student loans
HP/Lease/PCP.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
No
Go and see an independant mortgage broker.
Loyalty counts for little these days.
How true. I banked with Barclays for some 40 years and mortgaged with them for 20. Three years ago, I wanted a remortgage plus a bit for renovations and their affordability calculator said they wouldn't even lend me the amount I already owed even with an LTV of less than 20%!
I have now had 3 different mortgage lenders in the last 3 years and have no qualms about jumping ship to whoever has the best deal. I would also never deal direct again since there is no option to look at whole of market or speak to someone with any sense of flexibility unless you deal with a broker.Signature on holiday for two weeks0 -
Been customers since 2007, over paid our mortgage last 2/3 years on a monthly basis and we have asked what our max borrowing is as we would like to buy a 4 bed family home.
We have been informed, given our 25% deposit we could borrow £245k - however, unfor were we live, we would require £275k to achieve the house we need and also its the min value for a 4 bed in this area.
Has anyone requested more borrowing and been given the extra?
Can we appeal?? Or would we be wasting our time?
Thanks for reading...
That will change as the bond markets force lenders to tighten further, maybe you should just be patient?0 -
Between myself and my husband we have current accounts/products with 5 high street banks - none of them were willing to lend us the amount we were looking for based on income and deposit.
I did some research online and eventually went to a mortgage broker where we did find a willing lender. So now we add another account to the pile!
I've banked with TSB (actually then it was Lloyds) since I was a child - and they offered us one of the smallest amounts of the set. From my research last autumn building societies (e.g. Yorkshire) and Barclays were willing to lend more than the rest of the pack.
Depending on your deposit and their current mortgage portfolio lenders may cap the ratio of income:mortgage at anything between 4 and 5.5 so definitely worth shopping around.0 -
any idea off the top of you head who is the best for this?
we can't even get a £5000 loan attatched on property from Santander, and there is £45k in quity in the house0 -
Lenders tightening up their act regarding property loans, great news for money savers everywhere!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards