Any 5 or 5.5x salary lenders?

PawelK

Good evening.

I went to Halifax this morning as I've heard them and Barclays are the most generous lenders. Halifax said that it normally lends 4.75 times your salary. After going through my AIP, on what I was hoping I can get £180k, I was only offerred £165k, which together with my deposit adds up to £235k. As I live in London, I am trying to get my budget closer to £250k to have any chance of getting a 2bed flat so does anyone knows a bank that would stretch that bit further? Should I also try Barclays or any mortgage broker?

Thanks to all answers in advance.

Pawel

minimike2

It will depend on your income (generally the higher IM's have a minimum income threshold)...Have you tried putting your numbers into any of their online calculators to see your borrowing power?

If you don't know what you can get and from where then it's time to seek the advice of a professional.

PawelK

Yes, I did but many are inadequate or result is even lower than my offer today. Hence my question if anyone actually went recently through a mortgage application and got 5times or more of their salary.

csgohan4

perhaps save more to increase your deposit, the lenders have their ceilings of income multiples for a reason and there's no point in trying to find the minority that do >x5 and push to the limits. They will be difficult to get and it will be based on risk, the lower risk, the more likely, i.e higher deposit

PawelK

I have been saving for years and I have enough of it. The only thing that always seems to be an obstacle is my salary. If I find someone who lends 5x or more, I will be not much more risk as My deposit would still be around 30% and mortgage repayments would be affordable for me.

Westminster

We are in the middle of a broker-assisted remortgage with 5.1x combined income from Barclays recently while looking for additional borrowing (77% LTV)

Plug your numbers in here: https://www.resources.barclays.co.uk/sfdc-broker/affordabilitycalculator/

amnblog

PawelK wrote: »

Yes, I did but many are inadequate or result is even lower than my offer today.

Many others have a better chance of obtaining higher lending than you do alone.

PawelK

Westminster wrote: »

We are in the middle of a broker-assisted remortgage with 5.1x combined income from Barclays recently while looking for additional borrowing (77% LTV)

Plug your numbers in here: https://www.resources.barclays.co.uk/sfdc-broker/affordabilitycalculator/

Thanks. As I thought, even considering desired level of mortgage, I would be still nearly £300 above the disposable income left after monthly repayment. Just need to find a generous lender.

Thrugelmir

PawelK wrote: »

I would be still nearly £300 above the disposable income left after monthly repayment.

What's the relevance of this figure. Easily be wiped out if interest rates were to rise significantly in the future.

PawelK

Thrugelmir wrote: »

What's the relevance of this figure. Easily be wiped out if interest rates were to rise significantly in the future.

Of course it will. And I am aware banks also assess higher interest rate than current. But thanks to an earlier answer on here I did go to Barclays website and apart from standard calculators they actually do AIP online. After providing them with pretty much the same data as with Halifax yesterday, the result was £180k.

cahillg81

I'd genuinley be surprised if Barclays was the place to go . . . .