4x salary?

elverson

Our mortgage is with HSBC (and applied via L&C brokers) at just over 4x combined gross salary, but as above they will consider your committed costs to make a decision rather than just your earnings.

Also once you have chosen a lender, make sure your solicitor is on their 'panel' so that they can act for both you and the lender.

rec0286

Thanks for the replies everyone - it's reassuring to hear other people have been offered a similar salary multiple even if that isn't the way the amount I can borrow is determined (and of course I understand our situations are all different), but it still helps reassure me that 4x salary is not necessarily too high of an amount to apply for!

rec0286

elverson wrote: »

Our mortgage is with HSBC (and applied via L&C brokers) at just over 4x combined gross salary, but as above they will consider your committed costs to make a decision rather than just your earnings.

Also once you have chosen a lender, make sure your solicitor is on their 'panel' so that they can act for both you and the lender.

Thanks for your reply. How did you find L&C? Did you use a L&C recommended conveyancer too?

marina0403

I think you should remember about the tax. You don’t usually need to pay tax on gifts to your husband, wife, civil partner or a charity.
You may get tax relief if the property is a business asset.
If the property was occupied by a dependent relative you may not have to pay. HM Revenue and Customs (HMRC) has information on page 7 of its guide on Private Residence Relief.

Chocolatefund

Not at all, I'm borrowing about 4.2x my salary. That's with 25% deposit, so the interest is lower than say if I only had 10%

It really comes down to how much you want to spend on your mortgage each month. Work out what your outgoings will be and come up with a figure you're comfortable with.

banks4u

https://intermediaries.uk.barclays/cs/Satellite?c=Page&cid=1321148917365&d=Touch&pagename=UK_Retail_Intermediaries%2FPage%2FIMRBCMSLayout

banks4u

Use the above site to check your affordability, just remember if going via a broker the broker should do a proper affordability calc as they need to evidence it's affordable, lenders will rely on brokers some what.