Who offers 5X income

ocean_3

After reading a previous post regarding Abbey offering 5 X income. Various people said this wasn't new & many others do the same. Can somebody tell me who these companies are, as you can waste a lot of time talking to a company only to be told they wont even consider you.

Thanks.

dunstonh

, as you can waste a lot of time talking to a company only to be told they wont even consider you.

Which is why whole of market mortgage advisers exist.

ocean_3

Thanks for that, but not everyone wants to talk to an "independent" FA.
If anybody can actually answer my question, I would be most grateful!

BrunoM

Was surprised to be told NatWest would offer me x5 (as a contractor with only a minimal deposit). Was only at the 'preliminary enquiry' stage so maybe it would have fallen down later in the process if I went ahead with it, the lady seemed quite sure though.

kenshaz

Try this link it has a mortgage wizard www.charcolonline.co.uk

SambaRamba

Ocean, the Leeds Building Society were prepared to consider how much we could comfortably afford to pay back each month. They sent our details to their underwriter and after a few days offered us 5x our income. We didn't need to borrow so much in the end but they may be worth looking into. We're not 1st time buyers though, so don't know if this made a difference.

http://www.leeds-holbeck.co.uk/mortgages/index.htm

zag2me

Dont mind all the mortgage advisor peddlers on here

Try HSBC, they offered me 4.9x my income based on affordability after I graduated.

Nationwide offered 4.2x my income, just from their web calculator.

surfcat

As the housing market is about to crash, are you really going to be happy having borrowed 5x your salary in order to finance something that will soon be worth much less?

sniperpenguin

Dont put them off!!!! I want a nice selection of houses on the repossession list after the prices crash! (j/k)

toonfish

ocean wrote:

Thanks for that, but not everyone wants to talk to an "independent" FA.

good point, far better to research your mortgage among your mates down the pub as seems to be the norm!

toonfish

surfcat wrote:

As the housing market is about to crash, are you really going to be happy having borrowed 5x your salary in order to finance something that will soon be worth much less?

it's been "about to crash" since 2002