earnings to borrowings multiplier and lenders

Kibs_2

In short does anyone know of any lenders out there lending at more than 5.0 x Earnings?

In full:

Wife and I, made inquiries for a Mortgage on a house we found. Basically mortgage broker said no chance, but will check with the lenders on Monday.

basically we both have mortgages on properties. Myself with a flat I rent (although the rent is reliable, it is a touch lower than the mortgage) and my wife who bought her parents house and they pay a peppercorn rent.. I am happy to sell the flat, but that would put us in a chain and could take a very long time...

Currently we are in rented accommodation and while we have a 30% deposit to put down on the house and can easily afford an additional mortgage payment. We were told that the outstanding mortgages from the other properties would be added to what we want to borrow, taking us up to a ratio of 5.6 x Earnings and no lender would go past a ration of 5.0 x Earnings...

We both have excellent credit histories and VERY secure incomes, we have no children and that is unfortunately not a possibility.

If anyone can give us a steer it would be appreciated. As my wife and I would be devastated if we miss out on this home for us.

_Andy_

No lender will do 5.6x

beecher2

Selling the flat and hoping the house is still available once you've sold it sounds like your only option.

Kibs_2

Thought that my only option would be to sell the flat, but I was just hoping I suppose.

Was just surprised that lenders only look at how much debt you have and not how much overall equity you have if you have other properties.

thanks for your replies