Clydesdale Port and Top Up - Broker question.

Maka344

We are selling our property and have found a property we would like to buy. We were initially advised to speak with the developers broker to confirm our financial status, which we did with no issues. 

Upon contacting our regular broker re. progressing our port and top-up, he told us that we don't fit the affordability with Clydesdale, our current lender. However, the developers broker suggests could borrow up to 620k on the same figures whereas, our broker is saying our max is £550k.

Both brokers are using Clydesdale intermediaries portal to calculate these figures and I’ve requested the developer's broker triple check the inputted figures and also requested their manager to also check - who confirmed the estimate is correct and indeed indicating 620k max borrowing. We need £580k. We need to port due to the ERC. 

When I use the calculator, I get the same figures as quoted by my own broker. 

Can anyone advise please?

Thank you.

Maka344

Anyone, please? 

K_S

@maka344 If two brokers are giving you different max borrowing figures for the exact same requirements and lender (porting+additional borrowing through Clydesdale, same product fix length), to state the obvious, one of them is incorrect. There is no chance of a mainstream lender like Clydesdale using two different affordability models for 2 brokers. 

If you haven't already, might be worth speaking to your regular broker and explaining in detail what the dev broker is claiming, how they've double checked it and and seeing what he says to that.

I can't recall having done a Clydesdale port in recent memory (it used to be a p.i.t.a manual process, don't know if its changed) so unfortunately can't comment usefully on any Clydesdale specific porting matters that might explain the difference.

Good luck, I hope you're able to port and get this property!

Maka344

K_S said:

@maka344 If two brokers are giving you different max borrowing figures for the exact same requirements and lender (porting+additional borrowing through Clydesdale, same product fix length), to state the obvious, one of them is incorrect. There is no chance of a mainstream lender like Clydesdale using two different affordability models for 2 brokers. 

If you haven't already, might be worth speaking to your regular broker and explaining in detail what the dev broker is claiming, how they've double checked it and and seeing what he says to that.

I can't recall having done a Clydesdale port in recent memory (it used to be a p.i.t.a manual process, don't know if its changed) so unfortunately can't comment usefully on any Clydesdale specific porting matters that might explain the difference.

Good luck, I hope you're able to port and get this property!

Thank you for taking the time to come back to me. 

I get the same result as my broker using the intermediary calculator on Clydesdale broker site. 

The Dev’s broker is going to call Clydesdale tomorrow and I’m also waiting for my regular broker to come back to me following Christmas leave. 

Hopefully the Dev’s broker is correct.