Income multipliers? HELP!

cosmo07

Hi, I am looking to remortgage to buy my ex partner out of a property. The mortgage details are as follows;

Loan amount £106,000
Valuation £175,000
Additional Borrowing needed to buy out ex £15,000

I currently earn £26,000 and most of the lenders are saying they will only lend me £90,000-£101,000. I know I can afford the repayments stated but can't find a lender willing to lend me what I need. Do you guys know any lenders who would do this?

Thanks! :-)

Hillfly

I know Leeds Building Society do 4.25 x income which gets you to £110.5k

Could you agree to pay the remaining £10k to your ex from a loan you could secure after getting the mortgage?

brianadams

cosmo07 wrote: »

Hi, I am looking to remortgage to buy my ex partner out of a property. The mortgage details are as follows;

Loan amount £106,000
Valuation £175,000
Additional Borrowing needed to buy out ex £15,000

I currently earn £26,000 and most of the lenders are saying they will only lend me £90,000-£101,000. I know I can afford the repayments stated but can't find a lender willing to lend me what I need. Do you guys know any lenders who would do this?

Thanks! :-)

Dont forget the average interest rate over the life of a 25 year mortgage is around 10%, make sure you can afford the payments at this rate not just the unusually low rates we are getting at the minute.