Mortgage Acceptance Query

decrement

Hi everyone, apologies if this is a very newbie question but i wanted to understand about the mortgage acceptance process.
If i apply for say a £700k mortgage but for whatever reason that amount is not accepted, does the mortgage provider simply reject outright and i have to reapply or is it a rejection of £700k but an offer of say £650k?
Many thanks

NatalieAGC

you need to viably afford and meet their criteria for that figure. you cant apply for 700k if their criteria is based on 4.5 x  income of say 30k salary. unless you have 580k plus deposit. 

most lenders base on 4x salary some more some less based on income threshold. 

decrement

NatalieAGC said:

you need to viably afford and meet their criteria for that figure. you cant apply for 700k if their criteria is based on 4.5 x  income of say 30k salary. unless you have 580k plus deposit. 

most lenders base on 4x salary some more some less based on income threshold. 

So what i did with a bank is that i applied for an AIP through their website with all of my details, the figure came back that i can borrow up to £750k. But i only want to borrow £700k so i want to apply based on that. The issue i have is that a significant portion of my income is commission, which i reflected in the AIP as best as i can as the calculators are quite basic. So my worry is that i will ask for £700k but the actual mortgage offer may come out lower. 
Or am I getting mixed up and that in the mortgage application I'm not asking for an amount, i just fill in and see what they will offer?

MovingForwards

You need a good broker if most of your income is from commission, lenders have tightened up criteria due to Covid.