Mortgage Offers

Bee26

Hello, I'm wondering if anyone could offer any advice on my situation please? I'm a first time buyer with my AIP in place and a healthy deposit. I'm looking to make an offer on a place I love that's a little above my budget. I'm just wondering if the AIP is a pretty accurate picture of what I can expect to borrow or is there a possibility lenders could give me some more based on their assessment of the properties worth and my credit score? I'm confident that borrowing more than my AIP would be affordable for me. Any advice would be greatly received thank you!

housebuyer143

Bee26 said:

Hello, I'm wondering if anyone could offer any advice on my situation please? I'm a first time buyer with my AIP in place and a healthy deposit. I'm looking to make an offer on a place I love that's a little above my budget. I'm just wondering if the AIP is a pretty accurate picture of what I can expect to borrow or is there a possibility lenders could give me some more based on their assessment of the properties worth and my credit score? I'm confident that borrowing more than my AIP would be affordable for me. Any advice would be greatly received thank you!

If you put the correct figures into the calculator then that's the max you will be given. They are very accurate if you fill it in correctly. 

Each lenders lends more or less though so you can look at another lender and see if you get more. Who did you get the AIP with?

Mark_d

I would try to get AIP with different lenders.  There isn't really any risk in doing so

RelievedSheff

The AIP is an indication of the maximum amount that lender will loan to you.

If you need more you will either have to try a different lender who may lend you a higher amount or fund the difference with your own savings.

Bee26

housebuyer143 said:

Bee26 said:

Hello, I'm wondering if anyone could offer any advice on my situation please? I'm a first time buyer with my AIP in place and a healthy deposit. I'm looking to make an offer on a place I love that's a little above my budget. I'm just wondering if the AIP is a pretty accurate picture of what I can expect to borrow or is there a possibility lenders could give me some more based on their assessment of the properties worth and my credit score? I'm confident that borrowing more than my AIP would be affordable for me. Any advice would be greatly received thank you!

If you put the correct figures into the calculator then that's the max you will be given. They are very accurate if you fill it in correctly. 

Each lenders lends more or less though so you can look at another lender and see if you get more. Who did you get the AIP with?

Thank you I went to an online broker Habito who created the AIP for me, rather than getting it with a bank. It was pretty much the same as the calculators I'd used online previously though. 

Bee26

Thanks for the input everyone. I've seen that some banks offer helping hand mortgages as well, does anybody know if these are good value/worth it?

housebuyer143

Bee26 said:

Thanks for the input everyone. I've seen that some banks offer helping hand mortgages as well, does anybody know if these are good value/worth it?

Nationwide? If you need to stretch your borrowing they normally lend more on this scheme.

You might find it more beneficial to go to an actual broker and tell them how much you need and they will tell you if someone can do it. 
When I was looking banks lent from 3.5x your income to 5x your income so it can be a large variation and that can make all the difference.

newsgroupmonkey_

Bee26 said:

housebuyer143 said:

Bee26 said:

Hello, I'm wondering if anyone could offer any advice on my situation please? I'm a first time buyer with my AIP in place and a healthy deposit. I'm looking to make an offer on a place I love that's a little above my budget. I'm just wondering if the AIP is a pretty accurate picture of what I can expect to borrow or is there a possibility lenders could give me some more based on their assessment of the properties worth and my credit score? I'm confident that borrowing more than my AIP would be affordable for me. Any advice would be greatly received thank you!

If you put the correct figures into the calculator then that's the max you will be given. They are very accurate if you fill it in correctly. 

Each lenders lends more or less though so you can look at another lender and see if you get more. Who did you get the AIP with?

Thank you I went to an online broker Habito who created the AIP for me, rather than getting it with a bank. It was pretty much the same as the calculators I'd used online previously though. 

I also used Habito. They were excellent and guided me through everything.
They offered me more than I wanted to borrow, so I guess that was my Max?

They use a number of different lenders, so I doubt you'll be offered more.