How much is realistic?

PoorDave

We are "next time buyers" looking for a mortgage against our Ltd company accounts. We have 5 (soon 6) years of accounts, but only the most recent year and the year soon to end show figures for earnings i want to be considered. So i'm looking for someone who will only take into account 1 or 2 years earnings when they calculate, despite having more years accounts.

We are hoping to borrow something in the region of 4.4 to 4.5 times income, and have made appointments with whole of market brokers (2x), but in the meantime i was wondering if anyone can point me in the direction of a suitable lender.

We have no credit issues, and no outstanding debts other than our existing mortgage, which will go when we sell our current house.

We are aiming at 85% LTV, and have 1 child (seems lenders often ask about this!)

Wutang_2

PoorDave wrote: »

We are hoping to borrow something in the region of 4.4 to 4.5 times income, and have made appointments with whole of market brokers (2x), but in the meantime i was wondering if anyone can point me in the direction of a suitable lender.

they'll do that for you Dave

PoorDave

Yeah, I guess i'm just impatient!

Last few house moves we were effectively tied to our existing lender and not borrowing so much, so it was easier!

property.advert

There are quite serious risks to the lender in agreeing this. Both incomes are dependent upon the same small private company.

Some lenders average the last 2 or 3 years accounts, some go only on the last year, some don't include rising profits etc. Perhaps better to say you don't have them if they want accounts which are bad. Some lenders happy up to 5 times income.

I'd guess what with you having the higher risk due to employment and only a 15% deposit and wanting a high multiple, you will probably be ok, as you say your credit is good but you are getting near the edge of the envelope in terms of risk and I would not be surprised if some lenders do not quote or do not quote on the most favourable terms.