Mortgage Advice Please

Robsta1973

Hi, I am a first time buyer so I am new to this. But would really appreciate some advice please. I have done some Mortgage Affordability Calculators online. The best one came up with me being able to borrow £174000 from Nationwide. I have also been to see a Mortgage Broker and they came up with £169000 using the same information that I put online. Would I be right in thinking I would be better going with the 1 the Mortgage Broker estimated. As I realise that the calculators online aren’t always right. Do I try another broker to see if I can get the borrowing amount closer to the £174000 or will the amount be quite standard from 1 broker to another? Thank you in advance for any advice Rob

DCFC79

Go for a second broker, see a local 1 if easier, all of the market would be best.

Robsta1973

Thanks for the advice and taking the time to reply !!!55357;!!!56833;

amnblog

If you, Broker 1, and potential Broker 2 all enter the correct figures in the correct way you will all come up with the same figure.

We cannot be sure which of you or Broker 1 has run the calculator correctly, if either of you.

Have you put it to your Broker that his figure is less that the figure you calculated? He/she may be able to explain the difference.

The Nationwide calculator is not simple in my view. Have you correctly entered..

Purchase type
Employment Type
Income
Second jobs
Outgoings (including ANNUAL council tax and buildings insurance)

ACG

The online calculators are spot on to the pound.
The issue is what figures you should be putting in the boxes. For example, some lenders will only accept 60% of bonuses or overtime and they would expect you to put the 60% figure in the calculator.

The calculators are only as reliable as the information entered.

We have no idea who is correct but there is no harm in asking the first broker to double check as you got a different figure.

Robsta1973

Thanks for the detailsd information. I believe the broker only did 1 calculationasa guide. He explained tha he always uses the Natwest one. As they are noally able to offer la higher anount. He would then checlk othe lenders before applying. The figures li used were based on the information on the house advert on Zoopla. For my income plIl wasn’tl aware of thel 60% for bonus. I will try the calculator again with the revisedl bonus amount.
Thalnkl you all again !!!128513;