5 Times my income

Nealmason1986

Basically me and my partner are ready to get a house and now need a mortgage.

However we can only get a mortgage in my name at the moment as my partner only have a fixed term contract with work.

Now we can afford to pay back the mortgage amount which we require and we are quite financially safe.

Because of this we are thinking of getting the mortgage in my name and haveing 5 times the income to make up for the fact my girlfriend cant come on the mortgage with me but is repaying with me (all legally sorted).

so the problem is now i need to find a mortgage company which will lend me 5 or more times my income. However i can only find Woolich. Alliance and leicster used to do this but now they are with santander they dont.

So basically does anyone know any companys which will lend me 5 or more times my income

(i know this isnt reccomended etc but we are doing this so im the only name on the mortgage. we are getting a legal agreement of joint interest.)

Anyone Help??

herbiesjp

Only limited options at 5 times income

There may be some lenders happy to take both incomes into account even if your partner is on a fixed term contract

Nealmason1986

i just want a solo mortgage.

the problem is i cant find any who will lend 5 times other then the woolich

can anyone give me any other companys who will?

herbiesjp

Whilst others might - it will depend on the credit score you get on their system.

So while in theory it says they will, in reality they probably will not.

Applying to all these lenders could damage your credit score, and make the likelihood of being accepted at 5 times less probable.

What is the purchase price and deposit you have?

Nealmason1986

The house is valued at 130000 and we have 20000 deposit.

so we need to borrow about 110000.

i am waiting for my pin from experia so i can see my credit score.

if it is over 698 i can get 5 times my income

Is that a really large credit score?

what does the credit score take into account?

I applied for a few loans before i got a job over a year ago and got refused but im hoping that wont damage it as it was over a year ago.

never had debts and always paid things off in time.

Does anyone know any companys other then the woolich

AndyC67

Natwest/RBS, Principality Building Society and possibly Cheltenham and Gloucester are worth investigating.

Natwest have just lent me a fraction short of 5 x single salary and offered me the full 5 x salary. I completed re-mortgage on 1 October.

I did have a good loan to value ratio of no more than 65% though so I expect your deposit and of course credit rating will play a large factor in whether they'd go for it.

Best of luck

Nealmason1986

thanks i have looked at these but i will give natwest a ring tommorrow.

chambta

With no other commitments the RBS/Natwest calculator allows close to 5x salary on a reducing amount dependant on LTV. I expect a play on the website will give a reasonably close figure.

celler

If you borrow just on your income will partners name be on mortgage?

If they walk you may have a rather large commitment.

Perhaps your legal agreement would cover this or is that just so they get an interest in any gains?

dfh

YBS will allow 5 times income under certain circumstances.

Kyrae

Myself and my partner are in a very similar situation, and we first tried Woolwich but were turned down, then tried Alliance and Leicester and they said yes. At that point A&L had changed over to the Santander/Abbey mortgages, and according to the online Abbey calculator they wouldnt lend us the amount, but after sitting down with the A&L mortgage advisor and filling out all the paperwork and showing proof of our outgoings etc to show we can afford it as we will both be paying the bills, we were approved with no problems. So it might be worth making an appointment with A&L even if according to the Abbey calculator they won't lend.