Mortgage lenders that offer the 5 times your salary Abbey Deal???

Leon_W

I don't reckon there is anyone else Kilocharlie.

Alliance and Leicester will also come up short as the maximum they will lend is around £61,000 on your salary.

First National "might" do it but the rates are not the best.

AndrewSmith

Just done a very scant source on Trigold using the raw figures please do not take this as a recommendation as I do not know all the case details but I personally think you are going to struggle.

The monthly repayments even at 5.09% (assuming repayment mortgage 25 years) are in excess of 410 per month, on a salary of £13,500 I think it needs very careful consideration, as the only likely way forward seems to be via non-high street lenders, something that I would not recommend in your circumstances.

KILOCHARLIE

Thanks again,

Yes the monthly figures I have been quoted so far are around £425. This is fine for me though as apart from that I will only have a max of £210 a month other living costs and therefore have plenty left over to play with even though I rarely spend any of that. I also have the option with both abbey and A&L to drop my monthly amount by switching to a 40year plan for as long as needed.

I know its seems alot to other people but its the only way for me right now,.

many thanks your your help I will make some calls and let you all know how it goes.

Lady_maverick1979

Standard Life offer a 5x salary mortgage for 'professionals', so depending on what you do for a living, you may be eligible for this. They will lend up to 100% with no higher lending fee.

L_M.xx

herbiesjp

If you are a graduate or classed as a professional with some lenders, they will offer higher income multiples.

UK007BullDog

Professionals means:
Doctors, Solicitors, Accountants, people in the medical professions who have come through the University/Graduates, etc.

There are also Graduate mortgages for those who do not fit in that category above.

MortgageMamma

Kilocharlie, as has been stated by the experienced advisors on the board previously , on 13.5k a year I would recommend you do not buy a house, unless you have other inccome which you have not declared. Please please think very carefully. There is more to life than owning property, timing, planning and preparation are everything.

Conrad

Other lenders considering high multiples:

Northern Rock (more on 5 yr fixed rates)
Intelligent Finance
C & G (more on 5 yr fixed)

Applying for 35 year terms can increase sums available, but of course overpayments can shorten the term.

Your income level may well cause the multiples to be restricted (generally the lower the income the lower the score all other things being equal)