High salary mulitple, but with greater than 25% deposit

lostinrates

Can anyone suggest likely providers in todays market?

We have a more than 25% deposit on asking price of a property we have seen, but the mortgage would be a high multiple of income, this year. DH is currently sole earner. in 18months DH has a contracted salary increase that would make this a much more manageable 3 times his earnings.

Is it at all possible we would find a provider who would mortgage us in these circumstances?

_Andy_

Well as you haven't stated what the current multiple is we won't be able to tell you.

lostinrates

Sorry, er between 6-7 times! Terrifying I know, but as I say, relativley short term scary.

herbiesjp

Do you have any other income that you could use i.e benefits etc?

What is your husbands occupation?

Could someone act as a guarantor?

lostinrates

herbiesjp wrote: »

Do you have any other income that you could use i.e benefits etc?

What is your husbands occupation?

Could someone act as a guarantor?

No benefits. Possibilty of future extra income, but not before mortgaging/moving. Incom actually higher this year in a lump sum payment, but putting that as part of deposit not earnings.

Husband is a trainee solicitor with the unusual security of being assured employment (as much as anyone is in current climate) on completion of TC and has worked with employer before commncemnt of UK TC for two years ovrseas, but is British.

Would prefer to not use a guarantor, but might be able to.

ETA: no debt, no bad credit history.

silvercar

There were a couple of lenders that did graduate mortgages designed for doctors, solicitors etc with an expectation of higher earnings. Can't think who though.

Other option would be to approach your own bank and see if your bank manager would push your case for you.

lostinrates

Thank you Silvercar.

We looked at the professional mortgages earlier in the year and in most cases we could beat them with high stret bank deals, but with the changed landscape probaby worth a revisit, thank you.

minimike2

The high street deals wont beat them if you cant get those deals though.....

CountingPenniesClaire

I work for a law firm (not a solicitor though, in marketing) and one of my colleagues has a mortgage with Bristol & West - who offer mortgages specifically for certain professions. I think you will have your work cut out trying to get a multiple of 6/7 wherever you look, and as your husband is not yet qualified you might have to wait to take advantage of a professions mortgage.

lostinrates

CountingPenniesClaire wrote: »

I work for a law firm (not a solicitor though, in marketing) and one of my colleagues has a mortgage with Bristol & West - who offer mortgages specifically for certain professions. I think you will have your work cut out trying to get a multiple of 6/7 wherever you look, and as your husband is not yet qualified you might have to wait to take advantage of a professions mortgage.

Bristol and West do five times the salary (might be possible if we can negotiate that much on purchase price), on the plus side, Trainee solicitors, we found when applying before , do count. DH is calling his bank this aftrnoon to talk to them about it too.

ETA: actually, they do NOT cover trainees. I am sur this was not th cas before, but could very easily b wrong. Looks like we might not be moving after all at this rate.

Edited again for refernce: Bristol and west no longer offer prof mortgages at all!

lostinrates

Another big thanks to Silvercar. It seems our bank was th answer all along, we can indeed gt th amount we need to proceed, now we just have to decide if our nerves are up to it. I find I was almost hoping they'd say no. it seems incredibly huge to me.