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Maximum mortgage multiples
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# 1
Mortgage seeker
Old 12-08-2011, 5:39 PM
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Join Date: Aug 2011
Posts: 2
Default Maximum mortgage multiples

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?

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# 2
Old 12-08-2011, 7:38 PM
Deliciously Dedicated Diehard MoneySaving Devotee
Join Date: Apr 2005
Posts: 38,507

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.
"The man who wishes to move a mountain begins by carrying away the small stones first."
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# 3
Old 13-08-2011, 10:45 AM
Fantastically Fervent MoneySaving Super Fan
Join Date: Nov 2007
Location: sunny cheshire !!!
Posts: 8,160

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
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# 4
Mortgage seeker
Old 15-08-2011, 2:47 PM
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Join Date: Aug 2011
Posts: 2

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.
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# 5
Old 15-08-2011, 5:23 PM
MoneySaving Convert
Join Date: May 2010
Posts: 155

Originally Posted by Mortgage seeker View Post
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.

Last edited by bruciebounus; 15-08-2011 at 5:35 PM. Reason: forgot a point
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# 6
Old 15-08-2011, 5:32 PM
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Join Date: May 2009
Location: London
Posts: 234

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?
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