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5 X salary Mortage

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Comments

  • Jamesjames
    Jamesjames Posts: 41 Forumite
    Yeah, OP asked similar questions in 2015. Might it be better to trust your broker , as he has all the information re your personal situation?
  • brit1234
    brit1234 Posts: 5,385 Forumite
    foxy-stoat wrote: »
    Put in a lower offer?

    Seconded, the market has dried up and falling in London. All the buy to let buyers rushed in to purchase before April, less competition now. See if you can knock £10-20k off.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • nickyg2000
    nickyg2000 Posts: 344 Forumite
    Sold existing property. Had to give buyer £5k off as kept her waiting months & over the stamp duty deadline. House we offered on want £5k more & won't move on price. High prices here not much selling mind
  • banks4u
    banks4u Posts: 526 Forumite
    Barclays do 5 X income don't they?
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    banks4u wrote: »
    Barclays do 5 X income don't they?

    Subject to affordability. They'll figure out how much can be spent on mortgage payments leaving enough for the household bills and a small contingency for emergencies and then what's left can be spent on mortgage payments. A 30 year mortgage could very well be 5x gross income if there are no student loan deductions, no credit commitments, no child support payments due...etc...
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • nickyg2000
    nickyg2000 Posts: 344 Forumite
    Barclays used to do 5.5 x now only 4.5 x
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