Income multiples for joint incomes?

lightspeed

I realise that standard income multiples have become less effective in todays market, but out of interest, for a couple, what would you class as safe income multiples to calculate the max mortgage amount available?

Is 5x or greater joint incomes too much?

Thanks

stanmoresaver

lightspeed wrote:

I realise that standard income multiples have become less effective in todays market, but out of interest, for a couple, what would you class as safe income multiples to calculate the max mortgage amount available?

Is 5x or greater joint incomes too much?

Thanks

Depends who you mean "safe " for . The lender or yourself?

If it's for yourselves- take advice at that level- so much depends on your situation.

SS

MortgageMamma

Wholeheartedly agree with SS. Assessing affordability these days is not just about income multiples, remember if you are really stretching to buy a property, your home IS at risk if you do not keep up repayments on your mortgage, and so is your lifestyle, as if your mortgage payments are too high, you might not have much of one...

herbiesjp

I think you should take advice about this with a whole of market mortgage adviser.

Even if you were able to get the mortgage agreed at that level (which is on the high side) would it be right or affordable for you? You should look at the numbers very closely to make sure that it is not a step too far.