Whats the lend to salary ratio these days?

mikeb222

If you earn £20,000 per year is £10,000 the maximum loan companies will lend you on an unsecured loan?
I ask because I know someone who borrowed £15,000 even though he only earned £10,000 (was a few years ago though) so I am presuming lenders have really tightened up on their lending criteria?

harry999

no ratio, all depends on how much disposable income there is after mortgage/rent and living expenses.

cos_2

I just wish that employees of the banks and credit card companies had the balls to post here. We'd be a far better informed public if they did.

[Deleted User]

mikeb222 wrote: »

If you earn £20,000 per year is £10,000 the maximum loan companies will lend you on an unsecured loan?
I ask because I know someone who borrowed £15,000 even though he only earned £10,000 (was a few years ago though) so I am presuming lenders have really tightened up on their lending criteria?

its possible if you already had 10k avaliable on cc`s etc that they would lend you nothing on a 20k income

Tixy

As ever these things can only be a guide - but at the moment generally people are struggling to get credit that would take their overall credit to over 50% of their income. There are of course exceptions but thats a good guideline figure.

zppp

cos wrote: »

I just wish that employees of the banks and credit card companies had the balls to post here. We'd be a far better informed public if they did.

They do