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    Help please - does anywhere do mortgages at arpund 5.5 x Salary??

    Need a mortgage of around 5.4 or 5.5 times salary. Best I have found so far is 4.8, which leaves me £30k short. Anyone know of any lenders lending closer to the multiple required?

    Thanks!

    26 Comments

    Lend within your limits - don't overstretch yourself?

    Really? Please let me know if you find one so I can avoid.

    Risky lending caused the last property crash!

    limits are there for a reason! affordability.

    Go on moneysavingexpert mortgage forum

    please let me know if you find one. so I can avoid. lending like this was one factor of many that caused the last housing crash. a multiple of 5.5 is frankly ridiculous, will cost you ££ in higher interest and many sleepness nights

    Remove, not a deal

    Who does 4.8 x income please?

    WOOTWOOT1

    Who does 4.8 x income please?


    Fantasy Land

    Lend from family and friends instead on loan sharks

    If u cant afforrd jus rent housing benefit should help you also and avoid the stress of it n sleeples nights my advice

    youll need a government backed first time buyers deal for the 5.5x. barcleys

    Anybody that can't differentiate between 'borrow' and 'lend' shouldn't be borrowing. They'll end up not knowing if they owe or are owed.

    Only Santander offer above 5 x salary. Depending on your credit score they offer upto 6 x salary. Best bet to get 6x is to go to a mortgage broker and get the Santander aip credit check

    To help with affordability you can opt for a longer than 25 yr term and monthly payments will be lower (of course you'll pay more in the end)

    Wonga will offer you 10x salary for both parties if applying as a couple.
    10 years down the line both of you will be homeless.................

    Original Poster

    Pretty disappointed by most of the comments on here to be honest.
    Even at 5.5 x salary the loan to value would still be 64% which is obviously a very good percentage, and the repayments would only be around £800 per month (if at similar rates to the 4.8 x deals on the market for 5 years), which is lower than most people spend renting

    I was simply hoping that a few of you may know, as most lenders do not advertise maximum lending multiples, or if they do they are not accurate I.e. the calculator on HSBC website claims 5.5, whereas they will lend a maximum of 4.75 if you speak to a mortgage rep.


    amzzzzyyyy

    Lend from family and friends instead on loan sharks



    You have friends with 100k+ sitting around that they can afford to lend you for 25 years?
    And its borrow, not lend!

    5.5 is very very high for your average high street lender . Try a mortgage broker and see if they can find a better deal with more specialised lenders . You will almost certainly end up paying a higher than average interest rate so make sure that you can still afford the repayments when interest rates go up which they will . If you are only 30k short can you look at a slightly cheaper property or hang fire and save up a bit more ? Consider this seriously . You could find yourself in an awfulul lot of trouble if you overcommit . I'm not saying don't , I'm just saying be certain it is the right decision .

    bluecityste

    Pretty disappointed by most of the comments on here to be honest.Even at … Pretty disappointed by most of the comments on here to be honest.Even at 5.5 x salary the loan to value would still be 64% which is obviously a very good percentage, and the repayments would only be around £800 per month (if at similar rates to the 4.8 x deals on the market for 5 years), which is lower than most people spend rentingI was simply hoping that a few of you may know, as most lenders do not advertise maximum lending multiples, or if they do they are not accurate I.e. the calculator on HSBC website claims 5.5, whereas they will lend a maximum of 4.75 if you speak to a mortgage rep.



    The salary multiple can be irrelevant, outgoings ( if you declare them ) can be just as important. I have a friend who was refused a mortgage because he had just taken out a 2 year contract on an iphone 999s at £6,000,000 pounds per month!

    Try Leeds Building Society

    get a broker, London and country are really good and don't charge a penny, at least you'll be better advice than on here, some of these idiots don't know what they're talking about, bloody hell lend me some advice, or borrow me some advice? who cares?

    If you think that people borrowing too much money caused the financial crash I have some magic beans you can buy off me

    pennyfarthing88

    Lend within your limits - don't overstretch yourself?



    amzzzzyyyy

    Lend from family and friends instead on loan sharks


    What is it with some people not knowing the difference between borrow and lend? It truly baffles me

    Original Poster

    cikki100

    get a broker, London and country are really good and don't charge a … get a broker, London and country are really good and don't charge a penny, at least you'll be better advice than on here, some of these idiots don't know what they're talking about, bloody hell lend me some advice, or borrow me some advice? who cares?



    ​Thank you I will give them a call

    Banned

    bluecityste

    ​Thank you I will give them a call



    Unhelpful comments in the thread. What % deposit have you got

    Most brokers earn their money from the lender. They nearly all will offer you a fixed term with a '£x' amount arrangement fee which can be added to your mortgage. That's how the business works, and in your situation I would guess will be the route you'll take. Very few brokers will charge you an additional fee. i can recommend a broker if you need


    Edited by: "cchopps" 20th Oct 2016

    As others have said, speak to a broker. They often can get less standard mortgages. You will have to pay their fees, just over a grand normally, but can be worth doing. If they don't charge you upfront then their fee will be in the product you buy.

    Banned

    dothedealnow

    please let me know if you find one. so I can avoid. lending like this … please let me know if you find one. so I can avoid. lending like this was one factor of many that caused the last housing crash. a multiple of 5.5 is frankly ridiculous, will cost you ££ in higher interest and many sleepness nights



    Amazing how you come to that decision. I'm not in the industry but know people who are. They'll all be using something like this.

    The OP may well have to pay a premium for a multiple of 5.5 but quite frankly that premium may be no more than the premium some brokers may end up costing you because they will earn a higher commission on one product rather than another which is cheaper and available to you. An honest independent broker is the way to go. My recommend would take a commission of £200 instead of £1000 if it saved the client 0.1%. There's understandably not too many out there like that.
    Edited by: "cchopps" 20th Oct 2016
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