First Direct - Income Multiples & LTV

totally_confused_3

Ours was 80% LTV and 2.2 x joint income. No bad credit at all.

FD were quite strict on the 80% LTV. Also, they were quite strict on 2.75 x joint income as I have just changed jobs and didn't have any payslips so we tried using husband's salary and my previous lower salary which came to 3 x joint income and they wouldn't budge. I had to send in my new employment contract to justify the new earnings and it was fortunate that I had my first pay banked in already even though I didn't have my payslips for proof.

HTH and good luck

xSteve_2

thx, anymore anyone?

[Deleted User]

4 times x joint income, LTV 34%, good credit.

InMyDreams

3.9 x one income, LTV 53%, good credit (as far as I'm aware). Although a typo with valuation put us at 83% LTV and FD said they would still lend to us but insist on a repayment mortgage with limited offset flexibility until we hit the magic 80% LTV. Luckily the valuers admitted their error so we haven't had to go down that route.

Has anyone here actually been turned down by FD? Or are people being too cautious about applying given all the comments bout their tight criteria?

fraser

only wanted 1.4 income, no probs so far, no debts

LTV 53%

xSteve_2

Van1971 wrote: »

4 times x joint income, LTV 34%, good credit.

Is that a strict 4 times or is it 4.1x or 4.2x etc.?

allan673

35% ltv, and 2 x salary

chappers

I'm no expert on FD, but from what I've read mostly on MSE they seem to be less concerned about income multiples but very hot on affordability so you could have a low income multiple and lots of outstanding commitments and be turned down but have a higher income multiple and no commitments and be accepted.

xSteve_2

Thats re-assuring, all I'd heard is that they're lending criteria is quite tight. Thanks chappers

chappers

Oh I believe it is quite tight but more geared towards affordability and good credit rating, rather than plain income multiples.
Their criteria have always been tight I once couldn't open a current account with them, though I had no bad credit and opened accounts with other banks fine.