Mortgage multiples

Mrdesborough

My wife has recently given up work to look after the children. I am looking to consolidate of all our debt to reduce our outgoings while my wife is out of work. Only problem is that now we are down 1 salary in the household the standard 4X my salary wont cover what I would need to borrow. Do you know of any reputable company who does 4.5- 5X multimples. Failing this I have heard self-cert mortgages my be the answer to my problems, what do you think?

payless

Self certs require you to state an income - overstating may be mortgage fraud

C&G, Abbey, IF, Std Life bank are a few that may assist with higher multiples

Mrdesborough

Self certs require you to state an income - overstating may be mortgage fraud

Thanks for the reply, I would never overstate my income.
I'm sure someone told me once that you could get a self cert mortgage upto something like 40% of my gross monthly income including tax credits, car allowance etc, this would more than cover what I require. This was from a guy in a pub so it is probably bull but I thought I would check with you guys first.....

xxmybutxx

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Jamie_Woodward

We are first-time buyers and have been offered 4x joint through brokers with IF and over 4.2 with A&L (that was done on affordability rather than multiples). My question is - will the high multiples be such a factor if we re-mortgage ina couple of years? I don't fancy paying brokers fees every couple of years, as well as early repayment charges etc. Grafeul for any advice...

homer_j_3

Jamie_Woodward wrote:

My question is - will the high multiples be such a factor if we re-mortgage ina couple of years? I don't fancy paying brokers fees every couple of years, as well as early repayment charges etc. Grafeul for any advice...

Firstly, you shouldnt need to pay broker fees every 2 years. There are brokers that will work for the proc fees and are essentially fee free.

I do charge a fee for first tiime customers but not for repeat business so if you have a broker that charges you everytime then I suggest you change. You can look on the https://www.fsa.gov.uk for information in the consumer section

A good broker will ensure that the product that you require will be best suited to your needs so if you dont want to pay an Early Repayment Charge after 2 years then they will ensure that there isnt one at that point as part of the deal.

As you will not have the same tools and experience of a broker then I think that if you can find the right broker near you then you will be just aswell letting them do all the legwork and taking the worry away.

dwsjarcmcd

Yorkshire Building Society do up to 5 x income where the most suitable product is a 5 year or longer fixed rate. The primary income needs to be £30k or more, below this the multiple reduces in stage down to around 4 x income at about £20k (although you would need to check that last part.

infobank

Northern Rock will go to more than 5 x income if you are willing to commit to a longer term fixed rate, and allow debt consolidation.
Use a broker, though, as the application process is a bit tricky direct (and if you get it wrong you cant have a second go for 3 months)