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Salary multiples for mortgages

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Comments

  • 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
  • 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. 
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