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House Purchase - Variance of Mortgage offers

Hi all,

We've been house hunting, and have found one that we've offered on. I've done a few 'soft check' decision in principles which have given quite significant differences in what we can afford to borrow. I've had one with HSBC who I bank with, who have come in a bit short on what we want. Went through L&C who say they can arrange for us to borrow what we want with about 10k headroom incase, and then Halifax who have given us about 50k of headroom on what we need. This is on a property in the 500k price range in London in case it makes a difference to responses.

I realise that different lenders have different borrower profiles that they desire, and we maybe best fit with Halifax as opposed to anyone else. This could explain of course the near 100k difference in what HSBC will lend us to what Halifax will. Question for those in the know. I have been as honest as I can with the applications, and the Halifax one I just entered was as near to the penny as I could go with income, debts etc. I'm just wary that they will sit down with us, pour through our bank statements and then not offer us what we need? How tough is the mortgage application in 2020? We are both professionals in secure jobs, with a pretty big deposit and about 10k of debt between us with joint income of around the 100k mark. I've heard of everything from them questioning how many cups of tea you buy a week to they didn't care and it all got approved within the week. Any experiences with Halifax? L&C has plenty of reviews (largely positive) on here.

Replies

  • DCFC79DCFC79 Forumite
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    I was quite pleased L&C, they offered what I thought was a good amount, I spoke to a broker snd they offered more than what I was previously offered.

    Try a broker, they might be able to get a better rate for you.
  • G_MG_M PPR Forumite
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    Have you actually worked out how much you think you can afford? It's not just about maxing out your mortgage - it's about what you can pay back each month and still live the way you want to live......
  • WindofchangeWindofchange Forumite
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    G_M wrote: »
    Have you actually worked out how much you think you can afford? It's not just about maxing out your mortgage - it's about what you can pay back each month and still live the way you want to live......

    Yup. The mortgage will take about 30% of our joint income leaving us plenty ontop to carry on with life. Despite being in my view pretty financially attractive, I have had a bad experience before with not getting a property based on an agreement in principle being quite a bit detached from what actually came out the other end, so just nervous. I am financially in a much better position now, but just brings back some painful memories!
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