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.
📨 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
Variation in How Much Can I Borrow Calculations
mango99999
Posts: 1 Newbie
I wonder if anyone can help me.
Why is there such a variation between mortgage calculators online?
I have tried entering mine and my partners salaries (no other information) on a few websites and have had and at most, a variance of nearly £100,000!
The bank themselves always show higher amounts, but if I go to a third party such as this website it's a fair bit lower. Again based purely on salary and nothing more.
Am I right to think that the figure I see on these third parties is more likely?
If anyone could suggest what they think we could be lent that would be helpful?
We are FTB with a combined gross income of £56,270.
Neither of us have any defaulted payments.
Both of us have very high credit ratings on Experian, ClearScore and Noodle.
Deposit of around 30k.
No loans or commitments (apart from phone contracts).
No dependents.
I have a student loan and pension.
I have two credit cards and pay these off in full every month.
Thank you!
Why is there such a variation between mortgage calculators online?
I have tried entering mine and my partners salaries (no other information) on a few websites and have had and at most, a variance of nearly £100,000!
The bank themselves always show higher amounts, but if I go to a third party such as this website it's a fair bit lower. Again based purely on salary and nothing more.
Am I right to think that the figure I see on these third parties is more likely?
If anyone could suggest what they think we could be lent that would be helpful?
We are FTB with a combined gross income of £56,270.
Neither of us have any defaulted payments.
Both of us have very high credit ratings on Experian, ClearScore and Noodle.
Deposit of around 30k.
No loans or commitments (apart from phone contracts).
No dependents.
I have a student loan and pension.
I have two credit cards and pay these off in full every month.
Thank you!
0
Comments
-
generally only x4.5 of your income not including debt"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
The amount different companies will lend you varies dramatically. I had quotes that were, like you, £100,000 different!
Unfortunately it’s not as simple as 4.5x your income. If I’m honest you’re probably best off speaking to a mortgage broker0 -
Lenders might be discouraging applications at a particular point in time. Available finance is finite.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.3K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards