Maximum mortgage multiples

Mortgage_seeker · 12 August 2011 at 5:39PM

Hi I'm a little confused as to how to find the best mortgage.
I'm looking at properties around £315k in London and have at least £34k for a deposit and more to cover stamp duty/fees.

I have no outstanding debt (well £2,500 on a 0% card until Apr '12)

My salary is around £77k and receive bonuses of 10% though I've only been in the job 2 years so this doesn't seem to count.

Most lenders (including HSBC Advance - who I bank with) are capping what they lend at around £270k. I can more than afford the monthly payments of £1,700-2,000 as I currently save £2-2,500k a month.

Any advice on who could offer a higher amount?

Thanks

Thrugelmir · 12 August 2011 at 7:38PM

At £2.5k a month it shouldn't take long to significantly increase your deposit. As if you've been offered £270k as a mortgage really not far away from your objective. So suggest you have a little patience.

dimbo61 · 13 August 2011 at 10:45AM

You have a 10% deposit on a £315K property and owe £2500 on a credit card!
Save and look at a place for £250K if possible

Mortgage_seeker · 15 August 2011 at 2:47PM

I can't find any 2 bed properties in North London at £250k.
Also, I need to move by November as my tenancy runs out and there is a rent review which will add £150 a month.

bruciebounus · 15 August 2011 at 5:23PM

Mortgage_seeker wrote: »

I can't find any 2 bed properties in North London at £250k.
Also, I need to move by November as my tenancy runs out and there is a rent review which will add £150 a month.

Try Borehamwood, zone 6 but has great transport links- st pancras in 20 mins and you could get a 2/3 bed there for 250k.

On another note, i'm currently buying and have been given nearly 4.5x my salary.

mustang1 · 15 August 2011 at 5:32PM

I bought a couple of years ago - my 2 bed flat was £326k and I borrowed £276k. I was lucky enough to bank with Natwest who lent me 4 times my salary (and were happy to go up to 5 times although I'd never have dared go that much).

HSBC are one of the stricter lenders. Do you have people who you work with who could recommend a good mortgage broker to help you find those lenders who might lend you what you need?

Maximum mortgage multiples

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