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  • FIRST POST
    Mortgage seeker
    Maximum mortgage multiples
    • #1
    • 12th Aug 11, 5:39 PM
    Maximum mortgage multiples 12th Aug 11 at 5:39 PM
    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
Page 1
    • Thrugelmir
    • By Thrugelmir 12th Aug 11, 7:38 PM
    • 49,597 Posts
    • 41,294 Thanks
    Thrugelmir
    • #2
    • 12th Aug 11, 7:38 PM
    • #2
    • 12th Aug 11, 7:38 PM
    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.
    A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against a rainy day.
    • dimbo61
    • By dimbo61 13th Aug 11, 10:45 AM
    • 9,082 Posts
    • 4,944 Thanks
    dimbo61
    • #3
    • 13th Aug 11, 10:45 AM
    • #3
    • 13th Aug 11, 10:45 AM
    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
    • #4
    • 15th Aug 11, 2:47 PM
    • #4
    • 15th Aug 11, 2:47 PM
    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
    • #5
    • 15th Aug 11, 5:23 PM
    • #5
    • 15th Aug 11, 5:23 PM
    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.
    Originally posted by Mortgage seeker
    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
    • mustang1
    • By mustang1 15th Aug 11, 5:32 PM
    • 249 Posts
    • 279 Thanks
    mustang1
    • #6
    • 15th Aug 11, 5:32 PM
    • #6
    • 15th Aug 11, 5:32 PM
    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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