Thisismoney.co.uk - How choosing the right mortgage lender could allow a first-time buyer to borrow £124,000 more
First time buyers may be pushed into buying smaller, cheaper homes in less desirable areas if they pick the wrong mortgage lender, new analysis has revealed.
Mortgage broker Trinity Financial entered details of a fictional typical first-time-buyer couple into nine mortgage lenders' online calculators to find out how much they could borrow.
Aaron Strutt of Trinity Financial told Thisismoney.co.uk: 'Many first-time buyers do not realise that the amount they can borrow ranges so significantly depending on the lender they apply to for a mortgage.
'It does pay to shop around when it comes to mortgage affordability and borrowing the amount you need.
'Most lenders use completely different calculations to determine how much their customers can borrow, and as a result, the maximum loan sizes can vary significantly.
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