which bank offering borrowing above 5x times salary? - remotgage

humadoon

Hi
i am in a process of remortgaging however i would like to borrow some more money for home improvements unfortunately due to resent changes many lenders have lowered their limit how much can they lend. such as barclays from 5.5x times to 4x times and halifax restricting at 5x times and additional borrowing on a interest rate of 4.85 %.

do we have lenders who lend more than 5 times on decent interest rates?

Thanks

Thrugelmir

humadoon wrote: »

do we have lenders who lend more than 5 times on decent interest rates?

Lenders have to base affordability calculations at 7% interest rates.

Perhaps postpone the home improvements for a while. Until you've built more equity up.

humadoon

Thrugelmir wrote: »

Lenders have to base affordability calculations at 7% interest rates.

Perhaps postpone the home improvements for a while. Until you've built more equity up.

i have plenty of equity i almost have 45% the problem is i am not earning enough as per the new policies.

Thrugelmir

humadoon wrote: »

i have plenty of equity i almost have 45%

Just my way of saying reduce what you owe.

amnblog

It does not work as a simple multiple but the upshot is I can't see >5X income happening.