AIP no good, worth seeing a broker?

EnterUserName

I'm close to renewal and wondered if I could remortgage (rather than take the in house deal).

Just to test the water, I did a very basic AIP with Barclays (soft search only), it came up about £40k short.

Is it worth seeing a broker? Seems like quite a big gap to me!

housebuyer143

How much do you earn and how much do you want to borrow? Most places are giving you 4-4.5x your income, minus and debt you have. Some are more generous, like NatWest and maybe Skipton, I'm sure there are more but they were when I last looked 

ACG

You dont need to do an AIP to check affordability, you can do the affordability calculators. 

But all lenders do offer different amounts so there is no harm is asking a broker to look across the market. 

EnterUserName

Thanks all. The reason I picked Barclays was they were offering tracker base + 0.15%

Earnings circa £60k, mtg c.£203k. No other debt.

But single income household here, so I have 3 financial dependants (mrs + 2x sproglet)

ACG

Did you key it as 1 applicant and 3 dependents? 
You might get a different figure (and some lenders would insist on it) to put 2 applicants and 2 dependents. 

johnhenstock

AIPs are worthless and have nothing to do with reality. if you want a more accurate figure, go to the lender's intermediary website. just search lender + intermediary on google (e.g. "nationwide intermediary") and use those calculators.

with regards to your question, ALWAYS get a broker.

EnterUserName

ACG said:

Did you key it as 1 applicant and 3 dependents? 
You might get a different figure (and some lenders would insist on it) to put 2 applicants and 2 dependents. 

Hi

2 applicants (1st with 3 dependents, second with no dependents)

Many thanks

EnterUserName

johnhenstock said:

AIPs are worthless and have nothing to do with reality. if you want a more accurate figure, go to the lender's intermediary website. just search lender + intermediary on google (e.g. "nationwide intermediary") and use those calculators.

with regards to your question, ALWAYS get a broker.

Thanks, will do !