My first Mortgage Appointment over the phone (Please help)

IloveElephants

Hi Everyone, 
I have my first Mortgage Appointment with TSB this weekend, the lady said she can do it over the phone saving me to go in the branch...
I am 36 years old and this is all a learning experience for me, I would like to see roughly how much I am able to borrow, "Mortgage in Principle" 
Now I have banked with TSB for many years over 15 when it was part of the Lloyds banking. I use this main current account for everything, money coming in and on groceries, so they can see from the bank statement. 

Now my concern is the last 3 months i.e. Nov Dec and Jan I had changed job and worked part time during this period. I now work full time however will this cause implications in my application?  
My bank balance is over £20k on this particular account, and hopefully my current job will give me a wage slip that proves my income. 

I have also a student loan from 2007 that is around 8k
I use my capital one credit card from small expenses like ebay and petrol around £200 per month but at the end of the month I pay back in full to clear it off.
So my concerns are the above with lack of full time wageslips for the last 3 months, but before that they is a consistent trail of wages being paid in to this particular account for the last 4 years plus.

 I hope you can give me some advise. I really want to buy a house for around £180k  and have a deposit of £20k that ive saved. I earn around £30k

Thank you everyone.

amnblog

You do not need to spend hours on the phone to TSB
Your maximum lending will be around £142,000, a little short of your target.
If you can bridge the gap with family funds you are in business.

IloveElephants

amnblog said:

You do not need to spend hours on the phone to TSB
Your maximum lending will be around £142,000, a little short of your target.
If you can bridge the gap with family funds you are in business.

Hi Thank you for your kind reply,
How do you know that figure without looking at my background? Im new to all this, I thought the bank will run my numbers through their system and see how much im spending and what im making and see outstanding student finance and based on all of this decide to see if they can reject me or give me an accepted Mortgage in principle?

I have not even had my credit score checked with Experian so I do not know what my scores are at

Thank you :-:blush:

Whats_your_forte

Most lenders work to a cap or say 4.5 or 4.75 times income. This is where the £142,000 has come from (but with no knowledge of the student loan payment)

You are looking at 5.3 times income which would take it out the realms of TSB. Other lenders may be able to closer to the £160k needed. Best to speak to a broker I would say.

DCFC79

Id speak to a broker myself, plenty around.

Have you found a property you like ?

ACG

Discuss your concerns with the adviser upfront and see what they say. 
They should be able to give you an exact amount of how much you can obtain over the phone without doing any credit checks etc. You can then decide if it is worth proceeding or going to a whole of market broker. 

IloveElephants

DCFC79 said:

Id speak to a broker myself, plenty around.

Have you found a property you like ?

No I havent seen a particular property, ive seen a few within my price bracket but im not eager to buy at this moment, just testing the water to see how much Im currently able to borrow, Thanks

IloveElephants

Whats_your_forte said:

Most lenders work to a cap or say 4.5 or 4.75 times income. This is where the £142,000 has come from (but with no knowledge of the student loan payment)

You are looking at 5.3 times income which would take it out the realms of TSB. Other lenders may be able to closer to the £160k needed. Best to speak to a broker I would say.

Thank you

Will a broker charge more interest? 

Whats_your_forte

or save time with this...

https://www2.tsb.co.uk/mortgages/calculator/?site=public&d=Any

IloveElephants

Whats_your_forte said:

or save time with this...

https://www2.tsb.co.uk/mortgages/calculator/?site=public&d=Any

Thanks, I was under the impression the call on the phone or branch visit is more formal and a requirement as they run your details and numbers through their systems and based rather than a generic calculator on their website?

Thank You 

Whats_your_forte

Their calculators are very close to the normal systems. That way they can save time for you (and them) if the initial calculator is way out ie £26k in your case