Salary Multiples..

george4064

Steve1988T said:

jamielutz1987 said:

43k PAYE basic income, no debt, no dependents, clean credit history, no other major outgoings, I would be VERY surprised if any half-decent broker couldn't get you 4.5x your income.

If it's the L&C MIP you're taking about it isn't very useful as all they do is apply a standard multiple and print a certificate, no soft check.

The Halifax AIP amount is more concerning but only as good as what you input in it. Did the broker do it or yourself?

Correct, no other debt,dependant or even car to pay for. My monthly expenses (food, social and fixed costs such as rent/bills) comes in at approx £1,200 p/m. Monthly salary brings £2,517. Some other ad-hoc spending in there like everyone else

it was me that done the Halifax AIP. Interesting, I done a Halifax AIP over a year ago when I was on around £34k and the amount offered was somewhere in the region of £160..! More than I can Get on the currents £43k salary.

my credit score is sitting at around the 850 mark (good territory). though i did notice my electoral roll details aren’t alligned to my current address so it’ll be another couple of weeks before that change is in place 

I have been put in touch with a mortgage broker via a friend, waiting back for the intro call - my critical question for the broker will be “can you find me a 4.5 salary mortgage ...?” Is this realistic..? 

I wouldn't word it like that, simply say "I'd like to see how much I can borrow with my salary." *provide salary and other relevant info*...

Steve1988T

jamielutz1987 said:

Steve1988T said:

Ok, So I got the £204K figure using that link.

I've just signed up ti Equifax and completed. Score came out at 431 (Good). There was one warning under the Electoral Register which i stated at the top of the initial post here, I sent away for this change and should take about 10 days to change....

@steve1988T The Electoral Register not matching current address can lead to a DIP being referred (ie request for more information) but (afaik) not a reduced borrowing figure.

I myself never do DIPs (leave it to the broker), but since you aren't averse to it, you may as well try another mainstream lender soft-check DIP (at no more than 85% LTV) such as the Santander one https://www.santander.co.uk/personal/mortgages/get-a-decision-in-principle

If that also returns an unexpectedly low borrowing multiple (less than 3.95x for 85% LTV and 4.45x for 80% LTV and below), you can be more certain that there's something in the background that you may be missing.

Ok, So... done the Santander DIP. Unsuccessful...
Called Santander who explained there system was down for processing DIP so we processed it over the phone and I now have a DIP for the £195K (4.5 Salary i was looking for).
Strange that Halifax were so low...
Appreciate all the input, what a helpful bunch of people on this forum!!

jamielutz1987

Steve1988T said:

Ok, So... done the Santander DIP. Unsuccessful...
Called Santander who explained there system was down for processing DIP so we processed it over the phone and I now have a DIP for the £195K (4.5 Salary i was looking for).
Strange that Halifax were so low...
Appreciate all the input, what a helpful bunch of people on this forum!!

Glad to hear that the Santander DIP was as expected! So it might just be an issue with Halifax or one credit agency or maybe just the electoral roll issue.

I'm sure you are aware that the DIP is only a preliminary indication of borrowing and this could change when a full application is made.

Hopefully the broker you have been referred to knows his/her stuff and is able to get you the borrowing you need. Good luck!

Steve1988T

jamielutz1987 said:

Steve1988T said:

Ok, So... done the Santander DIP. Unsuccessful...
Called Santander who explained there system was down for processing DIP so we processed it over the phone and I now have a DIP for the £195K (4.5 Salary i was looking for).
Strange that Halifax were so low...
Appreciate all the input, what a helpful bunch of people on this forum!!

Glad to hear that the Santander DIP was as expected! So it might just be an issue with Halifax or one credit agency or maybe just the electoral roll issue.

I'm sure you are aware that the DIP is only a preliminary indication of borrowing and this could change when a full application is made.

Hopefully the broker you have been referred to knows his/her stuff and is able to get you the borrowing you need. Good luck!

Yes, preliminary is a key word.. I'm sure there will be many more hurdles to overcome!

Appreciate the help!

MovingForwards

Word of advice, the credit scores and ratings are not seen or used by any financial institution as they have their own internal algorithm for assessing applications. Part of that is your credit history, income, debts, late payments, missed payments, CCJs etc.

Being on the electoral roll assists with electronic ID verification.

Steve1988T

MovingForwards said:

Word of advice, the credit scores and ratings are not seen or used by any financial institution as they have their own internal algorithm for assessing applications. Part of that is your credit history, income, debts, late payments, missed payments, CCJs etc.

Being on the electoral roll assists with electronic ID verification.

@M@MovingForwards Thanks! Any idea how far back in time lenders tend to check all your financials? I think I had several late mobile phone payments back in 2015- ish..