can i borrow 75% ltv ?

Euphoria1z

hi

quick question,

can i borrow 75% ltv on my house even if my salary multiple doesnt allow me to? or does having a 25% deposit have no relevance if i cant afford it? i mean i can afford it but when it comes to the lender, who may say, 4x my salary, and if my salary is saY 25k then times 4 is 100k, does that mean i cant borrow more than 100k? i currently owe 145K, but im thinking of remortagaing to another lender so i can get a fixed rate. even at 5 times salary its 125k>?

cheers y'all.

herbiesjp

Er - you have to fit the affordability/income multiple of the lender.

That is irrespective of the LTV.

They have to be able to show they are lending responsibly and applying the multiples/affordability calculators is one way of doing so.

What figures are you actually looking at?

Euphoria1z

my mortgage balance is 145k, i think i should just be able to squeeze into the 75% loan to value criteria, but no point if my salary multiple wont allow me to remortgage, i thought maybe with a bigger deposit (than when i bought as it was 15%) may help but i guess not. my salary is 24k per yr via 2 jobs. currently on a svr but dont want to stay on it for too long, and my current lender isnt offering any thing new. i can afford the payments as i have been doing the past 3 odd yrs on the same pay but proving this to a new lender may be difficult!

thanks for your reply.

herbiesjp

Over 6 times your income is not going to happen I'm afraid.