Does anyone know of any mortgage companies who will lend 4-5 times salary? We are not first time buyers but are struggling to get a bigger mortgage
2006-12-26 23:15:10 · 8 answers · asked by Sarah 3 in Business & Finance ➔ Renting & Real Estate
Northern rock just lent us 4.5 our salary plus an unsecured loan at the same rate to top it up. so for our low joint salary of £27000 we borrowed £130000 on a 100% mortgage over 30 years the rate is a bit high but £120000-£130000 is the starting price for houses in our area so had no option it worked out at £775 a Month on a repayment mortgage which is manageable when you compare it to rental costs.
Hope this helps and Good luck.
p.s. Just remembered a couple of weeks ago we went into our lloydstsb branch and the mortgage adviser collared us and put our figures in, and said he could match our current mortgage but not beat it and that mortgage multiples are not such a big thing now.
Things must be changing because 6 months earlier he only offered us £90000
p.p.s. We are locked in for 5 years but after that you can always shop round for a better deal
2006-12-26 23:40:00 · answer #1 · answered by mfactor 2 · 2⤊ 0⤋
loads of them do, even some of the mainstream ones. Just off the top of my head, try Intelligent Finance and HSBC. They won't say they're lending 4 times salary as they fix the figure according to 'affordability', but that is effectively what they'll lend. I would start with a mortgage broker, who will know which companies lend the bigger multiples.
2006-12-26 23:22:02 · answer #2 · answered by Anonymous · 1⤊ 0⤋
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2006-12-27 00:21:52 · answer #3 · answered by irene z 1 · 0⤊ 1⤋
Sounds like you will need to do a stated income program, no doc or no ratio program. When a lender states your income, they don't prove it with pay stubs, W2's or tax returns. The income they state has to be reasonable for your profession or the underwriter (loan approving) won't accept the mortgage application for approval. No doc loan means to not list anything for your income (source or how much). The rates tend to be higher on these type of loans (thus a higher mortgage payment). You want to make sure you have a comfortable mortgage payment, so your property does not go into foreclosure.
2006-12-27 00:59:23 · answer #4 · answered by Martini Babee 4 · 0⤊ 0⤋
If you don't qualify for a conventional mortgage....that's a good indication that "you don't qualify."
Have you heard the expression: "Don't bite off more than you can chew."
I think people should buy the cheapest house they are willing to live in. That way, people may have some money left to save.
2006-12-26 23:19:40 · answer #5 · answered by regerugged 7 · 0⤊ 0⤋
Dont' know of any Banks that will do this but you might try a second mortgage as an alternative.
2006-12-26 23:41:03 · answer #6 · answered by Conrey 5 · 0⤊ 0⤋
most mortgage lenders will,negotiate with them,especially if you are under 35,tell them all earnings including bonuses/overtime,try for a longer mortgage ie 30/35 years.but remember no lies as your home is at risk..
2006-12-26 23:20:14 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Do a no documentation or no ratio loan. This way you don't have to find someone to lend on such a high debt-to-income ratio.
2006-12-27 02:59:02 · answer #8 · answered by Anonymous · 0⤊ 0⤋
There's no way. You are asking for certain trouble if you would find someone to do this for you.
2006-12-26 23:17:13 · answer #9 · answered by capnemo 5 · 0⤊ 1⤋