Any lenders offering excess of 3x joint salary?

improving_my_experian

Hi. Does anyone know of any lenders that in some cases are prepared to stretch to beyond 3x combined salaries for a mortgage?
Our info:
First time buyers, married, 1 graduate
Deposit so far: £15K fee savings:£3K
Salary 1: £23K. Last 2 P60s: £25K+ (Age 30)
Salary 2: £22K (Age 28)
Both PAYE, with companies for 10 years / 5 years
Experian: both 999, no late/ missed payments
No debts
Current monthly outgoings:
Rent £675
Council Tax £110
Water £21
Gas £32
Electric £26
Phone/ broadband/ Tv package £40
2x mobiles £50
Tv license £13
Pet insurance £11
Petrol £70
Food budget £200
We have 1 car (1.1 petrol engine) that I pay for annually in a lump sum (tax, mot, car insurance: this year totalled £385)
Total minus the rent & ct= less than £500 plus the one off car costs
Leaves over £2000 per month


We could make extra cuts by getting rid of the tv package, reducing mobile tariffs etc.
Repayment wise I believe we could afford up to £900/ month for a mortgage but would prefer it to be around £700- £750.


House prices in this area are usually higher than £160.
Just wondered if based on affordability, if anyone knows of any lenders that would do 3.5x or higher?
Any help would be really appreciated.
Thank you

Senior_Paper_Monitor

Plenty subject to status (and yours seem fine)

Dave_Ham

As confirmed, this will be easier than you think.

Some lenders base on affordability, some on income multiples although you should be fine on either.

All the best

improving_my_experian

Brilliant thank you for the replies. I'm not too sure where to start. Conflicting advice from friends- some say approach your bank, others say never choose who you bank with. Should I just google local independent mortgage brokers?
Many thanks

Senior_Paper_Monitor

Definitely don't go to your bank.

Either do your own research or go to an independent/whole of market broker - google locally, or use sites like unbiased.com or freeindex.com (look at their websites, have a chat with them - decide who you feel comfortable with).


Ooops - got the cos and coms mixed up !!


Or - best of all - get a recommendation from family/friends

cpjackso

I think those sites were meant to be; www.unbiased.co.uk and www.freeindex.co.uk.

The post office do 4.25x single and joint income and have good rates: http://www.postoffice.co.uk/finance/mortgages/our-full-range-and-rates/lending-criteria

justtryingtogetby

May seem like a silly question, but why should you not go to your own bank?

Senior_Paper_Monitor

Unlikely to receive advice - and certain not to get offered options from other lenders !

Wh05apk

justtryingtogetby wrote: »

May seem like a silly question, but why should you not go to your own bank?

Aside from the advice side (or lack of) most lenders at the moment are inconsistent with their rates, which they increase/decrease according to business levels, you may get lucky, and this week your bank may be deperate for buisiness, so would have reduced their rates to be best on the market, but you will never know, unless you are able to compare to the market as a whole, which a broker can.