How to find a 5x multiplier?

Brokenlynx

Hi, 

Whilst I'm aware a 5x multiplier is a bit of a tall order in terms of mortgage searches I'm looking to exhaust all my options finding one before I look at alternatives. 

I've done some budgeting and sure I can afford the repayments but I'm wondering what the best way to find such a mortgage product would be?

Any ideas? 

Thanks in advance. 

Pepod

A broker will be the best way. There are a few lenders that will do higher multiples but they will have their own criteria for it, often requiring that you have a high income. What the high income required is will vary.

K_S

@brokenlynx As the posted above said, generally speaking it's based on a few factors. If you could tell me the following, I can give you a very very basic idea of your chances -

- income

- number of applicants

- employed/self-employed

- LTV

- profession

Scorpiogal13

Sorry to hijack the thread, but just wanted to see if i'd be eligible.

[Estimated] Self Employed Net income £30,000 (Still awaiting Self Assessment outcome)

Partners income £16,000

2 applicants

I'm self employed, my partner is part -time employed

LTV 85%

I'm a Sole Trader (jewellery maker)

My partner works part - time in a Shop

K_S

Scorpiogal13 said:

Sorry to hijack the thread, but just wanted to see if i'd be eligible.

[Estimated] Self Employed Net income £30,000 (Still awaiting Self Assessment outcome)

Partners income £16,000

2 applicants

I'm self employed, my partner is part -time employed

LTV 85%

I'm a Sole Trader (jewellery maker)

My partner works part - time in a Shop

@scorpiogal13 It's very unlikely in this scenario.

Scorpiogal13

K_S said:

@scorpiogal13 It's very unlikely in this scenario.

OK.

So, what would be more likely 4x, 4.5x?

K_S

Scorpiogal13 said:

K_S said:

@scorpiogal13 It's very unlikely in this scenario.

OK.

So, what would be more likely 4x, 4.5x?

@scorpiogal13 Sorry, I just don't know enough about your scenario to comment. It's important to remember that LTI is a maximum cap, it's not a base.

Depending on what your outgoings, debt, financial commitments are, that could mean that you would not be able to hit the LTI cap. So even if you were eligible for an LTI cap of 5x, once the affordability calcs are done you may only be able to borrow much less than that. I hope that makes sense.

Scorpiogal13

K_S said:

@scorpiogal13 Sorry, I just don't know enough about your scenario to comment. It's important to remember that LTI is a maximum cap, it's not a base.

Depending on what your outgoings, debt, financial commitments are, that could mean that you would not be able to hit the LTI cap. So even if you were eligible for an LTI cap of 5x, once the affordability calcs are done you may only be able to borrow much less than that. I hope that makes sense.

Oh i see!

Thank you for explaining it.

Brokenlynx

@K_S

My scenario is 67k p/a, employed, 1 applicant, 90% LTV, Software engineer. 

K_S

Brokenlynx said:

@K_S

My scenario is 67k p/a, employed, 1 applicant, 90% LTV, Software engineer. 

@brokenlynx Unlikely at 90% LTV.