Best mortgage for 4.2 x salary?

trippy

We are looking for a 4.2 x salary mortgage. We've both checked our credit history and are clear of any problems ie all payments made on time, no loans or credit outstanding etc. We have no outgoings other than bills etc.

We want to try and find one which doesn't sting you with HUGE valuation and arrangement fees. Looking to buy in Greater Manchester with a 27% deposit on a detached house. We expect to have this mortgage for approx 2 years before changing. Currently with Halifax who won't lend us those multiples.

Any recommendations welcome...

craigb_3

Best bet is to go for a lender that gives you affordability. An example is that I recently done a mortgage for someone on affordabilty 6x income. (new way FSA like people to work out income). If you earn the same as your neighbour yet he has 2 kids to someone else and pays maintenance how should he be able to borrow the same as you kind of thing.

Affordability will make sure you dont stretch yourself even at over 4x income.

Are halifax still using income multiples????


Edited to remove email address by Bridiej

bridiej

Mortgageman

I've edited your post to remove your email address as it is against the rules of the forum to give personal information on the boards or to tout for business.

Bridiej

craigb_3

birdiej. no probs just started on here so thanks for prompt. no probs.

Cheers

craigb previously mortgageman

rorrism

We got a good deal on 100% with no penalties with HSBC. They were willing to lend us considerably more than everyone else as well. We got ~2.5 x joint salary, but considering I have debts of 1x salary that is not too bad.

They also have an option on their home start mortgage to only pay interest in the first 3 years if you wish.

Mark