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Which provider for higher income multiplier?
newgirly
Posts: 9,534 Forumite
Hi, I am thinking of possibly moving in the next year or so, and have been inputting our income on the borrowing calculators, as expected the amounts we can borrow vary a great deal, does anyone have any recent experience of mainstream lenders who offer higher income multiplier, we have proof of income and a good credit rating , plus under 75% ltv.
They all seem to be around 3.5 x, is there any hope of anything higher? Thanks in advance.:)
They all seem to be around 3.5 x, is there any hope of anything higher? Thanks in advance.:)
MFW 67 - Finally mortgage free! 💙😁
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Comments
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Depends on your total household income. As the higher it is then the greater the flexibility that can be afforded.0
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It's about £41k altogether, thanks for the reply.MFW 67 - Finally mortgage free! 💙😁0
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What income multiple are you actually wanting/needing?0
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It's about £41k altogether, thanks for the reply.
You should be able to get around £143,000 on that joint income depending on your other commitments.0 -
Example
App1 £21k, App2 £20k.
75% LTV, 25 year repayment mortgage, no credit commitments and no dependents, Halifax calculator is showing;-
C Pass - £180,335
A Pass - £184,500I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Abbey calculator is giving £164k for a low score and £205k for a high score based on the same example.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »Abbey calculator is giving £164k for a low score and £205k for a high score based on the same example.
Are you kidding. Thats 5 times a JOINT income!0 -
Aye. Depressing isn't it.shortchanged wrote: »Are you kidding. Thats 5 times a JOINT income!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We've been given values of 5x our joint income by a few lenders, even with 90% LTV!!!
Are they stupid!? They may be willing to lend it us but we'd be eating beans on toast for the rest of lives!0 -
Thanks again for the replies, definatly don't want to go crazy, but would like to buy at around £250 ish, with a deposit of around £65k (low estimate, hopefully more like £75K). I know it seems a bit risky trying to borrow higher sums, but property is v. expensive still where we live, and we are very good at overpaying our mortgage, thanks to the mfw board.MFW 67 - Finally mortgage free! 💙😁0
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