Choosing the right lender can be confusing and time consuming.
Should you take out a fixed rate and for how long? – two, three or five years, or should you take out a Variable/ Tracker rate ?”
They are just a number of questions people buying properties for the first time or Next Time Buyers face…
Then there is the question who will offer you the most money and at what interest rate ?
Lender rates tend to change with market forces. However the amount of money lender will lend can vary dramatically. Below is a table of some of the most well known lenders in the market and based on the following circumstances the amount of money they may lend.
Scenario: Joint First Time Buyers with a 10% Deposit No dependent Children. Joint income of £53,000 plus a car allowance of £500 respectively
Nationwide BS – £280,300
Halifax – £280,250
Leeds BS – £265,500
Coventry BS – £265,500
Barclays – £264,910
Accord Mortgages – £264,910
Platform Home Loans – £264,910
Skipton BS – £264,750
Santander – £262,550
Kensington Mortgages – £262,260
NatWest – £250,700
Virgin Money – £237,500 (Could be £295,000 Dependent upon Credit score)
As you can see from above chart above the difference could vary by £42,800.
So what if you were a Next Time Buyer how would the varying amount lenders are prepared to borrow be effected ?
Scenario: Joint Next Time Buyers with a 30% deposit. 2 Dependent children, Car loan and Child care fees. Joint income of £100,000 plus a car allowance of £500 per month.
NatWest – £464,100
Santander – £463,650
Halifax – £460,665
Accord Mortgages – £459,710
Virgin Money – £454,075
Platform Home Loans – £453,490
Kensington Mortgages – £451,260
Leeds BS – £412,190
Barclays – £409,500
Nationwide BS – £407,700
Coventry BS – £401,300
Skipton BS – £397,500
From the above example there is a difference of £66,600.
So you need to consider how much time and effort would be involved in carrying out this research on your own.
Manchester Mortgages are whole of Market mortgage brokers who work on behalf of the client. We are able to take out all the time and stress of arranging a mortgage with our extensive knowledge of lenders criteria and processes.
So if you are First Time Buyers or Next Time Buyers contact us on 0161 706 0242 and have a FREE no obligation consultation with one of our industry experienced advisers.
