Trinity calculate figures for thisismoney.co.uk - How choosing the right mortgage lender could allow a first-time buyer to borrow £124,000 more
Trinity Financial calculates first-time buyer borrowing figures for thisismoney.co.uk
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.
It found that mortgage lenders offer different loan amounts to applications with identical circumstances due to their varying mortgage affordability assessments.
Nationwide offers to lend up to six times annual income, via its Helping Hand scheme, which is available to eligible first time buyers with its five and 10 year fixed rate mortgages.
Securing a Helping Hand mortgage with Nationwide on a five-year fix with a 25 per cent deposit could mean a couple earning £40,000 each (£80,000 combined) could borrow up to £480,000.
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.
'Lenders can also offer surprisingly large loans to joint applicants with clean credit histories and strong incomes.'
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The information contained within was correct at the time of publication but is subject to change.
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