Mortgage advice/experience

[ComeForTheX StayForTheY]

In the example you've given it doesn't look like you'd be able to borrow £450k if you are restricted to £300k based on a multiple of earnings.
It's possible your family / friends may have been able to borrow more in the past under different borrowing rules. Banks have stricter affordability rules now due to regulations which will limit what you can borrow.

 

[adviseplz]

I'd always use a mortgage advisor personally. I used a free one and they took all the stress out of it for me. I'm not sure about your situation. How much is their charge? Are you going to be borrowing from a high street or a sub prime lender?

I have spoken to a free one, but unfortunately they don't have the product that will enable me to get the mortgage.

It's a high street bank. The mortgage advisor is £500, which I think is pretty standard? Then the cost of the product in £1,000. Just would be nice to save that £500, but if mortgage advisors give better rates than going direct it's obviously more worth it. So wanted to see what people thought/their experience.

 

[Bleurghgram]

Congratulations! I hope it all goes well, I know how frustrating it is wanting to buy as a single applicant. I have a deposit but my single income just won’t be enough so I’m going to consider shared ownership too!

Aw thank you! I honestly can’t wait, as much as I love my housemates I’m ready for my own space. There are pitfalls to shared ownership so I can see why it gets knocked but it does work for people who go into it with their eyes open and with a vague plan for the future.

 

[adviseplz]

Hiya, I'm after a bit of advise on mortgage advisors vs mortgaging with a bank...

I've spoken to a mortgage advisor, who I will have to pay if I have put in an application with them. They've recommended a product to me that is suitable for me and shown me the interest rate and monthly repayment etc. which I am happy with.

If I've found that product myself and applied directly through the bank (and saving myself the mortgage advisor fees) what would the different be - do you think it's likely I would get the same interest rate, or worse?

I've spoken to mortgage advisors that are free, and just get the commission from the bank, but they don't have the product that is suitable for me.

Thanks in advance!

 

[Tree_]

Did they have a higher ltv than you? It's such a minefield. I can recommend Paul at y-not finance when you're ready. They don't charge you but get paid by the lender