Help to buy multiples

JamesN

Hi all,

Just a quick question. I've read that the most you'll get for a help to buy mortgage is 4.5x your salary. However, some websites say around 4.5x. Is it possible to get more? I've seen Barclay's have a 6x in place but it isn't help to buy.

Many thanks

Thrugelmir

JamesN wrote: »

I've seen Barclay's have a 6x in place but it isn't help to buy.

Be surprised if there was.

Senior_Paper_Monitor

Woolwich general multiple limits (applied on top of affordability calculation - so can only reduce to these levels) ...

1 Maximum standard income multiple 5.5
2 LTV greater than 85% and income <= £50k 4
3 LTV greater than 80% 4.5
4 LTV 75-80% and income <=£25k 4.5

... but for HTB - guarantee:

"Income multiples are capped at 4.4 times income"

... and for HTB - equity loan:

"Income multiples are capped at 4.4 times income"

... both again applied after the normal affordability calculation (so can only reduce to these levels).



Woolwich's 'how much can I have' calculation is tediously complicated and has several limiting factors which aren't included on calculators (leading to many incorrect applications if you are not very careful - in our office every Woolwich affordability calculation is second checked by another person before application because of this) but the 'long and short for you' is 4.4 times income is the most you will ever get from Woolwich on a HTB.


NOTE: Before any other non-adviser reader gets overly excited, very few applicants end up qualifying for the headline 5.5 times !!

kingstreet

Yep - Barclays started capping everything over 80% at 4.5x with effect from last tuesday.

Unfortunately, they haven't bothered to adjust the calculator to reflect that. No surprise there then.

http://www.mortgagesolutions.co.uk/mortgage-solutions/news/2390584/barclays-caps-residential-loan-to-income-multiples-over-80-ltv?utm_term=&utm_content=Barclays%20caps%20residential%20loan%20to%20income%20multiples%20over%2080%25%20LTV&utm_campaign=MS.Daily_Roundup_RL.EU.A.U&utm_medium=Email&utm_source=MS.DCM.Editors_Updates#