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Maximum joint income multiple you can borrow today

Pythagorous
Pythagorous Posts: 755 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Hi All,

I'm thinking of moving home and pushing the boat out a bit on the mortgage.

For someone with no outstanding loans or credit cards can anyone give a rough indication as to the maximum multiple of joint income I could borrow in today's market. After stamp duty and fees etc will probably have approx £70K deposit.

Thanks!

Comments

  • ACG
    ACG Posts: 24,896 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Most do it on affordability now, but if you work to 4x you shouldnt be too far off. You might be able to get a little more though.
    I am a Mortgage Adviser
    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.
  • lee_w
    lee_w Posts: 60 Forumite
    santander will give me 5x with a squeeky clean credit history, no debt or outstanding finance
  • Pythagorous
    Pythagorous Posts: 755 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Thanks guys, but are you definitely referring to joint income? I thought 3.5 was typically the highest times joint? Our overheads (other than childcare) are pretty minimal due to no loans/credit cards and a non extravagant lifestyle!
  • ACG
    ACG Posts: 24,896 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Yes, there are people that will do above 4x but i say 4 to be on the safe side....no point trying to stretch it that much that you set your eyes on something and then it gets turned down.
    I am a Mortgage Adviser
    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.
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