How much can I borrow?

tain
tain Posts: 711 Forumite
Name Dropper First Anniversary Combo Breaker First Post
in Mortgages & endowments
My wife and I have very healthy credit files, zero financial commitments, etc. But the online 'how much can I borrow?' calculators vary wildly, and are obviously a 'best case' scenario. Are there any rules of thumb or places to go to find out what is actually likely? Without having a credit check on our credit files, that is.

We're trying to plan ahead and know where to start looking, etc. while we save our deposit, but really don't have a good idea of what figure to trust. HSBC was over £50k more than Barclay's!

Comments

  • glosoli
    glosoli Posts: 739 Forumite
    First Post Combo Breaker First Anniversary
    This might help give you an idea,

    http://www.nationwide-intermediary.co.uk/calculators/aff_calc
  • ekumi00
    ekumi00 Posts: 24 Forumite
    First Post Combo Breaker First Anniversary
    Best income multiple (salary dependant) 4.75 x income single or joint.
  • ACG
    ACG Posts: 23,720 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Assuming you enter the information correctly, you can trust them all. The figures can vary a fair bit.

    As a general rule of thumb you can get to 4.5x income. Some will be a little more, some will be a little less.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • AFF8879
    AFF8879 Posts: 651 Forumite
    First Anniversary First Post Name Dropper
    tain wrote: »
    My wife and I have very healthy credit files, zero financial commitments, etc. But the online 'how much can I borrow?' calculators vary wildly, and are obviously a 'best case' scenario. Are there any rules of thumb or places to go to find out what is actually likely? Without having a credit check on our credit files, that is.

    We're trying to plan ahead and know where to start looking, etc. while we save our deposit, but really don't have a good idea of what figure to trust. HSBC was over £50k more than Barclay's!

    I believe HSBC are much more interested in the first time buyer market than Barclays, I remember when I bought last year not only were Barclays rates awful but they couldn't offer me anywhere near what HSBC and many others could. They were basically just saying "we don't want your business" even though like you I had a perfect credit file.
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