Predicting Mortgage Offer

[Sauce]

Hi All

Wondered if anyone has any insight into approximating what we might be offered on our first mortgage?

Planning to buy within the next 12 months and trying to decide if we should withdraw our deposit from our LISA with the new reduced penalty rates, on the basis we may be able to buy something >250k which would be outside the scheme rules.

The mortgage calculators are all over the place - I’ve had numbers from 170-450k. I know we’re in odd economic times but surely we can narrow things down a bit better than that?

[Capcom]

We'd need a lot more information than that to be able to answer that..............annual income, ages, credit commitments, number of children, size of your deposit, age of the property, type of property being purchased.......

[Benbay001]

If it helps and for what its worth, the prediction HSBC's website made, was remarkably close to the DIP that they gave me.

(Obviously individual experiences will probably differ)

[CharlieH89]

A colleague on £50k was offered £210k if that helps you as a quick reply.
Normally 4-5 x combined salary I’ve always understood.

[orangesrule]

I thought the LISA max property purchase was £450k?

H2b isa is 250k max outside of london. I'd be double checking what product you have, not sure if you can transfer a h2b to a lisa if that's what you have.

[Sauce]

Agh perhaps I have conflated H2B and LISA rules. Is the 250/ 450 (London) limit H2B?

Definitely LISA transferred out of H2B when it was an option to get the bonus.

[deggles]

CharlieH89 said:

A colleague on £50k was offered £210k if that helps you as a quick reply.
Normally 4-5 x combined salary I’ve always understood.

We got a DIP of 4x combined income in March (just before st hit fan). That was with Nationwide with 20% deposit. Whether they'll honour it now, who knows!

[Sauce]

Capcom said:

We'd need a lot more information than that to be able to answer that..............annual income, ages, credit commitments, number of children, size of your deposit, age of the property, type of property being purchased.......

Both to start new jobs but joint gross income likely ~90k. Student loans our only debts, no credit cards or financed cars. Deposit 25k maybe a bit more - I’m trying to work out what we’ll need, 300-350 would be the target I think.

[orangesrule]

Sauce said:

Agh perhaps I have conflated H2B and LISA rules. Is the 250/ 450 (London) limit H2B?

Definitely LISA transferred out of H2B when it was an option to get the bonus.

Correct, lisa limit is 450k. So it sounds like you're still good to be saving money in that!

[hajaba123]

Just contact Sarnie on here, he'll let you know and sort it all out for you when the time comes

[Sarnie]

Sauce said:

Both to start new jobs but joint gross income likely ~90k. Student loans our only debts, no credit cards or financed cars. Deposit 25k maybe a bit more - I’m trying to work out what we’ll need, 300-350 would be the target I think.

You shouldn't have an issue getting to £425k if you want to buy a £450k property

[Sauce]

Thanks chaps, some reassuring news.

Sarnie I think I’ll be in touch when we start work and have payslips to work with. 3 months enough?

[Sarnie]

Sauce said:

Thanks chaps, some reassuring news.

Sarnie I think I’ll be in touch when we start work and have payslips to work with. 3 months enough?

No problem at all, once you have a signed contract, there are lenders that will lend