What multiples are mortgage lenders giving at the moment?

minnie123

I am currently working part time due to having a young baby and so our wages have reduced and i'm not sure what sort of multiples lenders are lending people at the moment. I did an online quote with HSBC and it seems they would lend 3.5x our joint income.

Our income is 42,000 joint (that doesn't include child benefit or tax credits though) approx 1,500 extra a year.

We are looking at houses to buy for approx £180k (we are saving 20k for a deposit - not quite there yet) does this seem within reach.

Basically I want a rough idea now because I could go back to work fulltime upping our income to 50k joint but I really want to stay at home with my son for a while longer if I can.

Thanks for your help.

herbiesjp

Other lenders would offer 4 times income - some higher and some less (as you have found out).

So there will be other options available, it just depends if you can find the right deal to suit.

minnie123

4 times our income would probaby be all we need so that is great.

Does anyone know if they would take the extra 1,500 a year benefits into account as income. I know it's only 1,500 but that 4 time is an extra 6k so quite a lot really?

herbiesjp

Some will and others wont.

Some may take it all into account, whilst others a percentage i.e. 50% of £1500 (child benefit not normally included though)