Agreement in principle, surprised so low

Hoenir

itsthelittlethings said:

StephenMortgages said:

Broker here - it really depends who you got the agreement in principle with. 

Some providers treat commitments and income differently and the amount you can borrow varies across the different lenders quite a lot. We have lenders that lend an awful lot more if you are willing to go on a 5 year fixed higher rate. 

There are so many different variances so I wouldn't necessarily take one agreement in principle as the final picture. 

It was after a “financial health check”. The person doing it sounded about 25.

Sitting in front of a screen entering data and clicking buttons......  front line staff follow scripts nothing more. 

ACG

If you want me to give you a rough idea of what I would expect can you confirm:
Income (app 1)
Income (app 2 - if applicable)

Combined credit card balances
Combined loan/student loan/HP/Lease/maintenance monthly repayments
Number of kids. 

It will only be ball park based on the information alone, it wont be the maximum and obviously no guarantee etc (just backside covering here). 

itsthelittlethings

ACG said:

If you want me to give you a rough idea of what I would expect can you confirm:
Income (app 1)
Income (app 2 - if applicable)

Combined credit card balances
Combined loan/student loan/HP/Lease/maintenance monthly repayments
Number of kids. 

It will only be ball park based on the information alone, it wont be the maximum and obviously no guarantee etc (just backside covering here). 

Income 1760/ month.
Credit card 2k
Student loan probably 22k
0 children.

ACG

£1760 gross or net? (could you just let me know your gross annual income?)
How much are they taking monthly on the student loan? 

itsthelittlethings

ACG said:

£1760 gross or net? (could you just let me know your gross annual income?)
How much are they taking monthly on the student loan? 

1760 net, 26k annual. Monthly I have a postgraduate loan of about £25. They don’t seem to be taking my undergraduate loan.

ACG

Its coming back at around £115k. Thats not to say it is a maximum, but that should give you an idea of where I would expect it to be and to be honest 4.5x income would be £117k so thats about where I would expect it to...

Assumes a 30-35 year term and 10% deposit.