Broker giving lower approval figure than online calculators

Mink

I gave our figures to a mortgage broker and we came out as being potentially approved for 147k but when I put the exact same figures into online calculators we're coming back 160k approved.

Are the online calculators from the banks rigged in some way to entice you to go through app with them, only to find you are actually approved for less?

Would you go with broker figure?

padjo5

It depends which bank's calculator is used, broker may be quoting from different bank to the online version. Focus more so on the interest rate (ignoring any intoductory offers!) rather than amount.

Good luck.

Addle

A lot of the online calculators don't apply central bank lti and ltv regulations.
The brokers figure is realistic.

Rew

Online stuff will always give you back the max possible figure, broker will be more realistic. Kids, debts and other things lower your max.

Mink

Thanks
When doing the online calculation I did enter childcare costs and debt repayments but still came out higher than broker.
And yes will be ignoring the intro offers (2 % back etc). Expensive gimmicks in the long run.

whiskeyman

Addle wrote: »

A lot of the online calculators don't apply central bank lti and ltv regulations.
The brokers figure is realistic.

Don't forget to ask the broker to enquire about the exceptions for you / check with them if that amount is with the exceptions included.