anyone still offering 5 times salary mortgages?

adam1982

Is anyone offering 5 times joint income mortgages or has this all but gone now?

Most i can find is 4 at the moment.

Ideally want 5 times joint offset mortgage.

cheers

adam1982

hmm, do i assume the lack of reply indicates this is no longer avaliable!

Loanranger

Which planet do you live on?

ukjoel

Out of curiousity where was the 4.

We were offered an 8 x multiple a few years back as wife was a professional and they only offered it to doctors, dentists, etc.

I need a 4.5 multiple on my salary although would only be borrowing 40% of the total house price.

If anyone has any ideas would appreciate it.

adam1982

Loanranger wrote: »

Which planet do you live on?

sorry, should have put more info.

Is there a bank that will lend 5 times joint income on a property worth £280k with a mortgage of £180k and savings of £242k. Which would offset the mortgage by 100%.

What i dont understand is why those savings count for nothing on affordability.

TMoose

adam1982 wrote: »

sorry, should have put more info.

Is there a bank that will lend 5 times joint income on a property worth £280k with a mortgage of £180k and savings of £242k. Which would offset the mortgage by 100%.

What i dont understand is why those savings count for nothing on affordability.

Why not just buy the house with your savings, and not pay the bank any interest?

Moose

_Andy_

adam1982 wrote: »

hmm, do i assume the lack of reply indicates this is no longer avaliable!

..you could be a bit more patient and wait more than an hour

adam1982

TMoose wrote: »

Why not just buy the house with your savings, and not pay the bank any interest?

Moose

Because if I offset it 100% we wouldn't pay any interest. It is basically an interest free mortgage where we have access to the money if needed.

Thrugelmir

adam1982 wrote: »

What i dont understand is why those savings count for nothing on affordability.

Because its your money and you can spend it the minute you've completed the purchase.

Suggest you rethink your plans whatever they are and approach it in a more business like manner. No one will take you seriously with proposals such as you first made.

adam1982

Thrugelmir wrote: »

Because its your money and you can spend it the minute you've completed the purchase.

Suggest you rethink your plans whatever they are and approach it in a more business like manner. No one will take you seriously with proposals such as you first made.

I dont really need to rethink my plans though.

What exacly is not business like about how i choose to pay for a house?

Are you saying no one will take it seriously because i want to offset it by 100%? If so what would stop me initially offsetting by say 30% then once it is in place simply offset the final 70%?

Thrugelmir

adam1982 wrote: »

I dont really need to rethink my plans though.

What exacly is not business like about how i choose to pay for a house?

Are you saying no one will take it seriously because i want to offset it by 100%? If so what would stop me initially offsetting by say 30% then once it is in place simply offset the final 70%?

Critical point is that your the customer. So the lender will dictate the terms not you.

Offsetting is a facility for you to use. It has zero bearing on the mortgage application.

To achieve your goal borrow less.