Can I get a mortgage 4.5 to 5 times my salary?

InvestingNow

Hi there,
I would like to seek advise from a mortgage advisor in your forum.
I would like to put an offer for a flat in London and the price is around £200,000.
I have read most of the lenders give normally up to 4 times your salary but some can give up to 5 times. How can I get a deal like this?

I am earning 35,000 a year and have a 20,0000 deposit(10%) but I can get up to 30,000 if necessary(15%). Is this enought to get the 170,000 that I need to purchase the house? What is the maximum I can get from a lender. I would also like a tracker mortgage, with interest only (if possible but not essential) and no redemption penalty. ( I know that will rise the intereset but I want to keep options open in case I want to sell in a year). I am a first time buyer and would like a residential mortgage.

Thanks in advance

Aspiring_Writer

InvestingNow wrote: »

Hi there,
I would like to seek advise from a mortgage advisor in your forum.
I would like to put an offer for a flat in London and the price is around £200,000.
I have read most of the lenders give normally up to 4 times your salary but some can give up to 5 times. How can I get a deal like this?

I am earning 35,000 a year and have a 20,0000 deposit(10%) but I can get up to 30,000 if necessary(15%). Is this enought to get the 170,000 that I need to purchase the house? What is the maximum I can get from a lender. I would also like a tracker mortgage, with interest only (if possible but not essential) and no redemption penalty. ( I know that will rise the intereset but I want to keep options open in case I want to sell in a year). I am a first time buyer and would like a residential mortgage.


Thanks in advance

Why? Why would you want to borrow 4.5 - 5 x your salary after or even during the tail end of a Recession that was iniatiated by i) sub prime mortgage lending and subsequent repackaging of those mortgage books and ii) irresponsible loan multiples of 4,5 and 6 times salary to the whole market.

I personally would save more for a deposit until you are looking at 25% and then look at the housing market and then look again at available mortgage deals. We are less than 5 months away from a General Election and the likely result of that is anyones guess quite honestly.

We are also not entirely sure we are not in the middle of a 'double dip' yet so I would hang on if I were you and see how the land lies in 6 months.

Sorry, I am usually a positive chap, but for those reasons I would hold your horses for a bit...

herbiesjp

You might be able to get the mortgage amount.

However as for interest only, and with no penalties, you are going to find it hard.