Which firms will lend me the biggest income multiple

Chelt_chap

I am looking to move to a larger property due to personal circumstances. I earn £27,800 a year of which £2000 in guaranteed bonuses.

I have had a mortgage on my existing property for 10 years which I will be selling.

I will have round £70,000 in equity to play with. But I need a largest budget as possible so could you recommend lenders which will lend on the greatest income multiples. Most seem to be 4.5.

I could easily afford to go beyond this even if rates rise by a few percent. At present after all outgoings including a significant amount of stuff I could give up , I save around £400 a month so have plenty of extra disposable income on top of my outgoings. Current Mortgage payment is £359 per month.

I would be looking for repayment mortgage

ACG

Most lenders will cap their lending at around 4.5x income.
If you want to go beyond that, there are potentially lenders who will but there is a lot of time consuming work going through affordability calculators.

Chances are it will not be a high street lender, so it is probably worth speaking to a broker.

tom2205

Some lenders will look at 4.75x your income based on your loan to value but, as ACG said, affordability calculators can be quite long winded and are reduced in branches when taking everything in to consideration.

horseymchorseface

400 pound a month after all outgoings, is not very much. Interest rates are stressed at around +5% to ensure affordability, You need a good broker

tykesi

horseymchorseface wrote: »

400 pound a month after all outgoings, is not very much.

Yes but that's not what the OP said, is it?

MrsNubs

My OH and I got 5x income last year with Platform. You need a broker to do the leg work for you