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Any x5 salary deals out there at the moment?
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monkeyboy72
Posts: 126 Forumite
Hi - I know they usually base it on affordability now rather than multiples but was wondering if anyone has been offered around this amount recently?.
I have been offered x5 by Northern Rock but the rate is quite high 5.95 (fix for 2 years) so would like to continue looking but would like to pinpoint a few rather than keep phoning around.
Thanks
I have been offered x5 by Northern Rock but the rate is quite high 5.95 (fix for 2 years) so would like to continue looking but would like to pinpoint a few rather than keep phoning around.
Thanks
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Comments
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Sorry, if you have a 10% deposit you get the higher priced mortgage deals.
You are unlikely to get better than this unless you increase your deposit or decrease expectations.
Be careful on the Northern Rock affordability also...
Good luckI 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.0 -
Try and get a cheaper property if you can.0
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I was talking to an advisor at Lloyds last week about the Lend a Hand mortgage and was given a maximum possible borrowing figure that was 4.8 times my salary. That'd be at 4.4%, I think. Of course, you do need someone to do the lending a hand (putting their savings in a Lloyds account as security) bit!
Halifax will apparently lend 5*salary, but the rate is extortionate - 6.9%.Saving for deposit: Finished! :j
House buying: Finished!
Next task: Lots and lots of DIY0 -
Extortionate? From the info you've given thats the 2nd best rate available to you!!!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.0 -
Extortionate? From the info you've given thats the 2nd best rate available to you!!!
I’ll assume that was directed at me.
No matter how 6.9% compares to the other deals I’ve been offered, I still class 6.4% over the base rate as extortionate. Your way of thinking about it would imply that I should take it if I couldn’t do better, and I don’t agree with that at all.
It isn’t the second best rate I’ve been offered and I’m not sure what gave you the impression that these were the only 2 available. I certainly never said these were the only 2 I'd found. I chose to highlight the best rate and the one with the fewest strings attached, rather than share my entire list.Saving for deposit: Finished! :j
House buying: Finished!
Next task: Lots and lots of DIY0 -
Base rate is irrelevant when comparisons with the cost of mortgages are made.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.0
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Indeed it is - though it shouldnt be
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