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5x Salary Mortgage?
Seashell517
Posts: 275 Forumite
I was originally looking at moving to a new build using HelpToBuy, but with the plot that I'm interested in getting put back and not being a first time buyer, it's looking unlikely that I'm going to be able to be eligible by the time the house is ready. So instead I've started looking at 5x salary mortgages, which seem to require a salary over £45k, but also an LTV of 60%. Is there likely to be anything available at an LTV of 75%? (I'm due to speak to a broker in the week, but don't want to be wasting their time if this avenue isn't open.)
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I got 4.7 something with halifax, 85% LTV with a relatively high joint income (6 figures). Perfect credit, no other debts, no dependents. Couldn’t find anyone mainstream who would lend us more.1
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sadly one lender for one person may not be suitable for another, especially so now that lenders have tightening their crtieria to reflect the current risk appetite.
Get a broker to match you to a lender"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
There are lenders out there who will do 5x income in the current climate, but you are probably going to find the rates are higher - potentially around 3.5%.
Can you bring the 5x down a little? I think at 4.8x there are a couple of potential options at normal rates.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
I'll look at that. I was budgeting for worst case scenario, but I'll definitely keep that in mind. Thanks.ACG said:There are lenders out there who will do 5x income in the current climate, but you are probably going to find the rates are higher - potentially around 3.5%.
Can you bring the 5x down a little? I think at 4.8x there are a couple of potential options at normal rates.0
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