Advice from our resident brokers please

Avicov

Morning all,

Wondered if I could get some advice from the resident mortgage broker experts.


Looking to get a mortgage of around £550k
Deposit £300k

Do you think there are companies around that can get me that amount based on the following status:

Joint mortgage with the mrs.

Salary 1: £66800
Salary 2: £36850

Monthly credit card payment: £300
Car PCP: £380 a month


When I use the different calculators from variious banks and BS you get very varying amounts.

If I went through a broker would I be able to get the amount I am looking for on the criteia above?

Grateful for your thoughts.

ACG

I doubt you will get it with a high street bank/building society.

It may be possible with one of the smaller more obscure building societies or private lenders. I think it probably is one for a broker - but it wont be easy.

Avicov

ACG

Thanks for your reply. Roughly what is the max I could get with the above criteria if it was through a main stream lender?

ACG

4.5x income is the norm.
5x should be possible - although not with everyone.
Beyond that is where it starts to get tricky.

It all comes down to affordability though so its difficult to say without knowing more.

Avicov

ACG

Do the likes of Halifax etc do x5 or are they income multiple capped at 4.5?

Landofwood

I just got a mortgage with Natwest for 531k with a 59k deposit (moved in yesterday)

My income is 55k basic with large commission, total income was 122k in 13/14 and 157k in 14/15).

I think you have a shot but it will be tight.

TrickyDicky101

Wow! Even with the incomes described I would not feel comfortable with such a large mortgage. Does it cause you any worry at night?

ACG

I think I am the only broker in the world to have never used Halifax.
Have a mess about on their calculator and see what it comes back with.

Landofwood

Avicov wrote: »

ACG

Do the likes of Halifax etc do x5 or are they income multiple capped at 4.5?

I can tell you that Natwest cap the multiple to 4x for 500k+ loans.

Avicov

Landofwood wrote: »

I just got a mortgage with Natwest for 531k with a 59k deposit (moved in yesterday)

My income is 55k basic with large commission, total income was 122k in 13/14 and 157k in 14/15).

I think you have a shot but it will be tight.

That's interesting to know. They must have done some calculation on the extra commission you get.

Did you go direct with Natwest?

Landofwood

TrickyDicky101 wrote: »

Wow! Even with the incomes described I would not feel comfortable with such a large mortgage. Does it cause you any worry at night?

For me it's a gamble.

A similar house on the same street just sold for 900k. My new home needs a lot of renovating, but unless the housing market collapses I expect to have 300k equity in 3 years.

I can always sell if the excrement hits the turbine.