Mortgage multiples for a FTB??

BoredOfSavingNow · 7 May 2009 at 12:44PM

Hi,

I earn a basic salary of £25,000 but regularly earn £1k plus in bonuses. (April P60 £36,500)

So my question is which providors will include my bonus?

And do they even check to see if what you earnt was from your basic or basic plus bonuses etc?

How much should I be able to borrow?

Any info from people with experience would be great

Thanks

herbiesjp · 7 May 2009 at 1:13PM

What kind of deposit do you have?
What property prices were you looking at?

Different lenders look at sources of income in different ways, and so to maximise your mortgage potential you would need to find one that could take the eaxtra income into account.

Above 4 times income can still be done, but wil depend on averall scenario -i.e. good credit history, no other debts,amongst other things

BoredOfSavingNow · 7 May 2009 at 1:22PM

I currently have

£11k in deposit (will be boosting this to prob 15k max)

Looking at one house at £150k (not sure if this is out of reach, depending on multiples)

HSBC only gave me £100k but they seem to be very safety first according to the advisor I spoke to. Natwest £118k which is better

HSBC 90% LTV rate is 4.99% which is very good
Natwest 5.99%
Yorkshire bank do 5.99% as well but unsure if they include bonuses and I wdont want too many credit checks!

C&G do bonus multiples but there rates are poor. Know of any others?

BoredOfSavingNow · 7 May 2009 at 1:24PM

I do have one debt for my car at £7,500 which I pay at £220pm which will prob make a difference.....

BoredOfSavingNow · 7 May 2009 at 7:39PM

Any ideas guys and girls?

LilacPixie · 7 May 2009 at 8:14PM

Not a mortgage expert but I really would be looking at a deposit of more than 10%.

spectre · 8 May 2009 at 5:49AM

Nationwide are 4.1 x what ever is on your P60 but they are very picky about who they lend to.

RBS maybe a bit more than that, they take into account regular earnings and normally look at your bank statments for proof of the income.

BoredOfSavingNow · 10 May 2009 at 2:54PM

It appears to be a catch 22 situation...

Companys doing decent multiples including bonuses have poor interest rates.

Companys offering decent interest rates wont give you the multiples...

I guess that makes sense for them. Just doesnt help me!

Looking to speak to housing association about Homebuy schemes because everythings just that little bit out of reach!

Anyone got some advice about the HomeBuy Choice scheme?

FraudBuster · 15 July 2009 at 6:30PM

The party is over.

BoredOfSavingNow · 15 July 2009 at 6:37PM

FraudBuster wrote: »

The party is over.

Dont suppose you have a gf do you?...too busy trawling forums maybe

LeeSouthEast · 15 July 2009 at 7:18PM

Despite how that comment looked, it was fairly accurate. The mortgage party of the last decade is indeed over. I'm in the same boat as you currently, although I will stick it out with the parents as long as necessary to get in a bit of a 'winning' position. I really do think you should wait a bit longer if that is an option at all.