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Salary multiples for mortgages
Comments
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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.0
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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.0
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