First Direct - Income Multiples & LTV

xSteve_2

Hi Guys

For everyone thats got a First Direct mortgage, can you please post your income multiples and LTV's?

I'm still awaiting the callback from First Direct to see if I'm elegible for one of their mortgages but am anxious that I'll get turned down because of LTV and income multiples.

Also, for anyone thats applied and has been unsuccesful, it would be interesting to see your multiples and LTV's as well (also, put any relevant bad credit / CCJ's if applicable).

We've currently got a LTV of 87.5% (subject to their valuation of course!) and joint income multiples x4 comes out at 89% of house value

Very interested in hearing from others :beer:

jem16

Multiple for my son is 3.25.

LTV is exactly 80% and they would not budge on that even though what he asked for was only £100 more.

No bad credit at all.

xSteve_2

Hi jem16, yes I'd been following your posts with interest in the First Direct - How Long for approval thread. thanks for you post

Anyone else able to tell us theres?

dweeby

xSteve wrote: »

Anyone else able to tell us theres?

Hi Steve,

~3.4x my income, ~2.3x joint income. LTV ~35% (lucky us!). Good credit.

But... they look at affordability very closely. We had share saving schemes, pension schemes, childcare, cash ISA payments, rent, an endowment, etc. all coming out of our account, which we planned to re-structure prior to commencing the mortgage. At one point I thought we were going to get refused, but it all worked out ok in the end.

I think it partly depends on the number of kids you have etc.

PeteMc

LTV 62% and 2.5 joint income.

HTH

xSteve_2

dweeby wrote: »

~3.4x my income, ~2.3x joint income. LTV ~35% (lucky us!). Good credit.

Is this 3.4x your income or 2.3x joint?
OR 3.4 yours + 2.3 joint?

Presumably the first one


Thanks for your replies dweeby/PeteMc

TighterThanTwoCoatsOfPain

2.09 Joint Income (Not declaring 9k in potential bonus') unblemished credit history, no other debts.

54% LTV (based on what we paid 3 months ago)
58% LTV (based on FD external only valuation - either way not fussed!)

LostSocks

I think it's 3.1x Joint and around 72% LTV

No other debt and no bad credit history

dweeby

xSteve wrote: »

Is this 3.4x your income or 2.3x joint?
OR 3.4 yours + 2.3 joint?

Presumably the first one

That would be correct!

dubsey

Ours is 3.1 Joint income, 48% LTV, but we did use them for all our banking and have done for over 10 ten years.

Just to add after reading Dweebys post, we have 2 children and when we first applied for our mortgage we owned a business that we were both employed by.

I hope you get it, we've never regretted having our mortgage or banking with them.

mrsm

3.5 x single income (but mortgage in joint names) 34% LTV
(looking at affordability the lady i spoke with seemed to think we would have been fine asking for higher (I get 7.5k pa in tax credits and child benefit which although won't count in multiples obviously help with affordability)
No bad credit, 3 young children, 6k debt to be cleared with additional borrowing