Salary Multiplier

TelBoy

Hi

I am wondering if any one knows who is offering the highest Salary Multiplier at the moment?

Woolwich advertise 5 times salary on their website but when I phoned I was told it was for Barclays account holders only - 4 times otherwise.

I bank with the Nationwide and they have said 4.1 times salary.

I am trying to get to as near as 5 times salary as I can.

I will have approx. 30% deposit.

DaddyBear

TelBoy wrote: »

Hi


I am trying to get to as near as 5 times salary as I can.

Wow. That makes my eyes water. Hopefully, for your own sake, you wont find one.

TelBoy

I have done all the sums and have approx 40% deposit so I cannot really see the problem.

PasturesNew

5x salary if you're earning a lot isn't always horrendous. If you're low paid it is.

If you earn £15k, you take home £1,022/month. 5x = £75k mortgage, which at 5% interest on a repayment mortgage would mean £443/month, leaving £579 to live on.

If you earn £30k, you take home £1885/month. 5x=£150k mortgage, which at 5% interest on a repayment mortgage would mean £886/month, leaving £1000 to live on.

If you earn £60k, the figures are: £3476 takehome, mortgage £300k, £1774/month, leaving you over £1700/month to live on.

Fire_Fox

Nobody ever can until they get made redundant, get signed off with a long term illness or injury, their partner becomes unexpectedly pregnant with twins, relationship breaks down, the property market falls, interest rates rise to 10% or 15% ....

alfredo123

How do you multiply your income?

DaddyBear

PasturesNew wrote: »

5x salary if you're earning a lot isn't always horrendous. If you're low paid it is.

If you earn £15k, you take home £1,022/month. 5x = £75k mortgage, which at 5% interest on a repayment mortgage would mean £443/month, leaving £579 to live on.

If you earn £30k, you take home £1885/month. 5x=£150k mortgage, which at 5% interest on a repayment mortgage would mean £886/month, leaving £1000 to live on.

If you earn £60k, the figures are: £3476 takehome, mortgage £300k, £1774/month, leaving you over £1700/month to live on.

Just doesn't leave any breathing room for the unexpected.

sebtomato

PasturesNew wrote: »

5x salary if you're earning a lot isn't always horrendous. If you're low paid it is.

If you earn £15k, you take home £1,022/month. 5x = £75k mortgage, which at 5% interest on a repayment mortgage would mean £443/month, leaving £579 to live on.

If you earn £30k, you take home £1885/month. 5x=£150k mortgage, which at 5% interest on a repayment mortgage would mean £886/month, leaving £1000 to live on.

If you earn £60k, the figures are: £3476 takehome, mortgage £300k, £1774/month, leaving you over £1700/month to live on.

Having mortgage repayments to reach 50% of your take home income may not be wise, particularly at 5% interest only, and even if you earn £60K. Personally, I wouldn't exceed a third.