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Mortgage providers offering 6 x salary loans
MortgageMonkeyPants
Posts: 3 Newbie
Hi
Does anyone know which mortgage providers are offering 6 x salary loans? The highest multiple I can find currently is Barclays on 5.5.
Thanks
Does anyone know which mortgage providers are offering 6 x salary loans? The highest multiple I can find currently is Barclays on 5.5.
Thanks
0
Comments
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Lenders don't work solely on multiples of income.
Six times sounds a bit ambitious.
If you are struggling to make affordability you should consult a broker.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.0 -
Hi Amnblog - thanks for the reply. I thought that after you had satisfied all the affordability criteria put up by a lender, it came down to a simple multiple of salary. In that case, do you know who would lend me more than the 5.5 salary multiple that Barclays are offering - I take your point that other lenders may well not simply have a salary multiple higher than 5.5 - but I'm hoping that they may lend me more than the figure that Barclays come up with after multiplying my salary by 5.5.0
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Barclays offer a maximum of 5.5. Thats not to say they WILL offer 5.5x salary even if your income supports it.
There are cut off points at 4, 4.5 and 5 for various reasons with Woolwich.
There are a couple of lenders who may go beyond 5.5x salary but it will come down to affordability as amn says. Brokers on here can not tell you which lenders will do it as it could be seen as leading - which is more than our jobs are worth.
It might be worth arranging an appointment with a broker. Is very rare any will charge for an initial appointment so you have nothing to lose other than an hour or so by seeing one.I am a Mortgage AdviserYou 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 -
Hi ACG - many thanks for the reply - all understood. I have already been to see Barclays and satisfied their affordability criteria enough for them to offer me a mortgage of 5.5 times my salary. Just wanted a steer on who would / could offer me slightly more (naturally assuming I satisfy their affordability criteria too). Totally understand why you can't give this info out on a forum such as this though. I think I'll contact a mortgage broker as you say!0
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Could you afford the mortgage if interest rates rose to 6% or 7%?0
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