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492800
492800 Posts: 192 Forumite
Part of the Furniture 100 Posts
edited 6 June 2012 at 8:59AM in Mortgages & endowments
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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    There's no hard and fast rules. Each lender will set their own criteria depending on their target mortgage market at any given time. Salary multiples are relative when calculating affordability for a mortgage. So depends on a number of factors that depend entirely on individual circumstances along with term of mortgage etc.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    492800 wrote: »
    Just a quicky, but is it really possible to borrow this much?
    Or what are the rules these days?

    thanks


    Possible not always probable and certainly not at the best rates...

    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • The_J
    The_J Posts: 1,250 Forumite
    Yes it's possible, you have to have a good credit score, no commitments and a decent wage.
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    492800 wrote: »
    Just a quicky, but is it really possible to borrow this much?
    Or what are the rules these days?

    thanks
    Yes it is possible on a fairly reasonably high income no dependants and a large deposit gained from a proven savings history and not from an inheritance or windfall with no child support due or loan or hire purchase repayments to make and on a long term such as 30 years as long as that date is not beyond your retirement date or 70 years old. There are no rules it's just up to the lender. What I've said is just guidelines as well.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
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