Pay increases and mortgages

kevinchapman82

You could get upto 5x current income with Bristol & West on professional mortgage. 4.5x income with Scottish Widows. First National could do around £250,000 interest only. With your deposit, it is possible to buy the sort of house you want next year. Would be a lot easier, and much lower rates to wait until income increases though.

kevinchapman82

Just checked Advantage, they could lend £290,000 on Flexishare on the current income figure.

herbiesjp

lostinrates wrote: »

OK, what would you suggest for timing? It is possible to wait til after March and rent in the time from March till house found, we're just keen!

He is in Italy. Not sure of current income in Euros, I can find out tonight....its a little less than he will get on return to UK. Has been in the office currently in since July 06. UK offer was raised quickly and he signed a contract for March earlier this year. He did approach his bank for a mortgage offer but it was not flexible...and I've read the advice here not to do that now! We also have the possibilty of a guarantor, but would prefer to avoid that route.

You could probably get a mortgage agreed 3 months before March, based on the strength of your contract. Again, depending on the contract and how it is put to the lender they may be a bit more flexible. The size of deposit will also be an important factor for a lender when looking at offering your greater flexibility in terms of income multiples. If you do rent make sure you do not tie yourselves into any long term agreements.

This can be done but I would suggest having a word with an adviser in advance, just to get a feel of the possibilities and the costs involved.

Not long been back from Italy myself on holiday, whereabouts does he work?

lostinrates

herbiesjp wrote: »

You could probably get a mortgage agreed 3 months before March, based on the strength of your contract. Again, depending on the contract and how it is put to the lender they may be a bit more flexible. The size of deposit will also be an important factor for a lender when looking at offering your greater flexibility in terms of income multiples. If you do rent make sure you do not tie yourselves into any long term agreements.

This can be done but I would suggest having a word with an adviser in advance, just to get a feel of the possibilities and the costs involved.

Not long been back from Italy myself on holiday, whereabouts does he work?

I really appreciate your guidance. Thank you.

He works mainly in Milano, but also in Roma. His parents were UK expats living in Italy, in Firenze, so he's comfortable out there, but really wants to 'come home' now.