Salary multiples for mortgages

haras_n0sirrah

fred246 said:

I borrowed 6x this millennium. The mortgage broker said I was "tight enough" to cope with it. However when she asked me to sign the paperwork she had adjusted my income. I had access to easy overtime so even though I wasn't earning the figure it was easily achievable if needed. We had a fixed rate for the first five years and took the opportunity to overpay down to a more standard multiple. It's OK if you understand the dangers of what you are doing. It was a 25 year mortgage and we paid it off in half the time.

Wouldn't happen now. These kind of mortgages no longer exist. Income must be provable

[Deleted User]

fred246 said:

I borrowed 6x this millennium. The mortgage broker said I was "tight enough" to cope with it. However when she asked me to sign the paperwork she had adjusted my income. I had access to easy overtime so even though I wasn't earning the figure it was easily achievable if needed. We had a fixed rate for the first five years and took the opportunity to overpay down to a more standard multiple. It's OK if you understand the dangers of what you are doing. It was a 25 year mortgage and we paid it off in half the time.

Same for me back in 2000. Allowed me to buy my forever house as a single mum as I had 20% deposit and they pretty much lent you whatever you wanted. As HN says - not now as far mortgages are more regulated, but it did me well.