Seen a house which is £100K more than the mortgage company will lend us. We'll have about £50K equity so need to borrow an extra £50K. We've only tried our current mortgage provider but wondered if anyone had any experience of this? Basically the mortgage company just asked us our income and multiplied it to get the figure but there are so many more factors to consider which a computer can't decide. We have worked it out and it is affordable to us - we just need to convince a mortgage company about this. Any experience or advice?
Louby78 can't answer the question but I would suggest go and check out www.moneysavingexpert.com and read the mortgage advice there. I followed it about 5 years ago and was v helpful. Don't know whether his advice on that site is still the same but London & County was always touted as being good because it covered about 95% of mortgage market (some banks like HSBC only offer their mortgages direct so wouldn't cover them) and no commission.
I would approach L&C with your incomings/outgoings affordability calculations like you've already worked out and see what they say - but read up on that site first in case I am way out of date - a lot has changed in property in the past 5 years
We just used London&Country - they were good. But also worth doing a bit of your own research too as there are the odd deals they can't get. HSBC, Post Office etc. But we still went with L&C in the end. And good as they will give you proper advise and make you think properly about all the insurances etc you need.
I've also used London & Country as they don't charge a fee and they've been really helpful with getting us a good deal - different providers give different multiples and it also depends on your deposit percentage so your dream house could be in reach - good luck!
Charcol found us a relatively high multiple (think nearly 5 times sole income) - however, we have a large cash deposit (around 40-50%) so lowish LTV and the broker said that was why the multiple was so high.