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Online calculators - room for negotiation?
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Oscartwiglet
Posts: 21 Forumite
Hello.
Me and my husband already have a mortgage, but now looking to sell our house and buy somewhere bigger.
I've been entering our salary details into online calculators on banks' websites and found quite varied results, for example, I have found Santander to be 20k more generous than our current lender.
We would ideally need this maximum on offer from Santander, but would have to pay a fee to leave our current 5 yr fixed mortgage from Halifax 2 years early.
We have made an appointment to go and have a chat with our bank, but interested to hear other experiences.
Does anyone have any experience of this? Have you found your bank more generous than the online calculation suggests? And are these online calculators realistic?
Me and my husband already have a mortgage, but now looking to sell our house and buy somewhere bigger.
I've been entering our salary details into online calculators on banks' websites and found quite varied results, for example, I have found Santander to be 20k more generous than our current lender.
We would ideally need this maximum on offer from Santander, but would have to pay a fee to leave our current 5 yr fixed mortgage from Halifax 2 years early.
We have made an appointment to go and have a chat with our bank, but interested to hear other experiences.
Does anyone have any experience of this? Have you found your bank more generous than the online calculation suggests? And are these online calculators realistic?
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Comments
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What does your own affordability SOA say you can afford and how far have you stress tested it?0
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The intermediary calculators are very accurate when completed correctly.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
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No, they are not more generous that their calculators.
The calculators are part of their submission to the regulator as to how they will assess affordability.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 -
Hmm, perhaps best we make an appointment with Santander then, if we can get an extra 20k.0
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It might make more sense to consult a broker rather than just pay a fee to leave Halifax.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 -
Yep, also waiting for a broker to call me back but I was interested to hear from others.0
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There are building societies that can lend 4.75 times your gross income. Best speak to a broker
I am a Mortgage and Life Insurance Advisor.
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 advice0 -
Waiting for a broker with ties to one of the estate agents that valued our house (and the one we would sell with when the time comes) to get back to me about an appointment.0
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No No No.....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 -
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