4 Applicants on a mortgage

Chrisubank

Mostly to satisfy my curiosity... I doubt this will ever happen but meh.

For example
4 applicants and our salaries.

Moi 67,250
My wife 34,000ish
My brother 28,000ish
My brothers wife 21,000ish

My brother and his wife commute up to central London each day. 2 cars, 60 miles each way. Their fuel bills are huge. Not to mention they spend 4 hours in a car per day.
My wife and I also live and work in central London.

4 salaries presumably could get a mortgage on a substantially "better" place. Better in their case meaning closer to work. Better in our case meaning nicer, larger apartment.

How would we even begin to work out mortgage affordability/lending possibilities?
There must be a calculation that I'm unaware of?
I couldn't find any helpful websites via google within the first 2 pages.
Most calculations offered are for you standard single or joint (2 people) applications.

If you all could refrain from the warnings of, "What if X happens and the whole thing falls apart" that would be great. As that's not really the aim of this mooting point.

If this ludicrous idea ever went ahead, there would of course be many solicitors contracts drawn up yada yada yada. Then when whole thing falls apart over one of us getting ill, or worse pregnant, we can at least sue each other to death over clear breaches of contract and go on Jerry Springer.

Thanks in advance!:beer:

AnotherJoe

4 salaries presumably could get a mortgage on a substantially "better" place. Better in their case meaning closer to work. Better in our case meaning nicer, larger apartment.

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If you divide the apartment by two, since there are two couples in it, it would only be half as nice and half as large.

To work out what you could afford, consult a broker who will be able able to tell you the answers to this.

amnblog

4 applicants is possible with some Lenders. Affordability will be based on the two highest incomes so you do not achieve anything that end.

My friend and his family bought a big house with his Uncles family years ago. When I asked him how it had gone he said "The low point was when my Dad and my Uncle were rolling around on the landing fighting"

Chrisubank

amnblog wrote: »

4 applicants is possible with some Lenders. Affordability will be based on the two highest incomes so you do not achieve anything that end.

Really? Surely there is no incentive for 4 applicants on a mortgage then?
Presumably you split the cost and equity. That's about it.

Dave_Ham

There is no incentive for stretching the affordability, no.

There are the odd lenders that would include 3 incomes, although you lose out on some of their other criteria.