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Author Mortgages?
Skinz
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Registered: 15th May 03
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19th Jul 05 at 20:18   View User's Profile U2U Member Reply With Quote

What is the current multiplier of wages? i thought it was 4x your current wage? i know it used ot be 3x but im sure they upped it to 4x
corb
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Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
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19th Jul 05 at 20:23   View User's Profile U2U Member Reply With Quote

various between mortgage lenders as i understand it.
Skinz
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Registered: 15th May 03
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19th Jul 05 at 20:25   View User's Profile U2U Member Reply With Quote

anyone know of a lender that does 4x ?? 3x is stupid for the average wages these days
Kerry
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Registered: 5th Oct 01
Location: Norwich
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19th Jul 05 at 20:31   View User's Profile U2U Member Reply With Quote

lenders look at each case individually it depends on lots of factors
income multiples are just a guideline
they will take into account the term, the level of borrowing, any other commitments
ed
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Registered: 10th Sep 03
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19th Jul 05 at 20:33   View User's Profile U2U Member Reply With Quote

Average income, £22k x 4 = £88k. There is no way I could get a house round here for £88k, probably couldn't even get a car for that from the local garage
vibrio
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Registered: 28th Feb 01
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19th Jul 05 at 20:34   View User's Profile U2U Member Reply With Quote

mine was 2.894
Skinz
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Registered: 15th May 03
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19th Jul 05 at 20:35   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by vibrio
mine was 2.894


what your multiplier?

ed we are talking about combined wage with the GF here
Kerry
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Registered: 5th Oct 01
Location: Norwich
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19th Jul 05 at 20:39   View User's Profile U2U Member Reply With Quote

it will on average be one of the following

3.75 x single
2.75 x joint
3.75 x main + 1 x other

but like i said varys from lender to lender and within the actual lender
bradfincham
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Registered: 20th Sep 02
Location: East Of England Drives: Clio 172
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19th Jul 05 at 20:41   View User's Profile U2U Member Reply With Quote

depends on income, deposit, fixed or variable!!
Kerry
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Registered: 5th Oct 01
Location: Norwich
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19th Jul 05 at 20:42   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by bradfincham
depends on income, deposit, fixed or variable!!


income and deposit, yes
the type of rate, no

[Edited on 19-07-2005 by Kerry]
nik
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Registered: 19th Jun 00
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20th Jul 05 at 08:20   View User's Profile U2U Member Reply With Quote

I got x5 my salary although my salary can in effect reach my mortgage each year on a good year. I did put a large deposit down though. As people say there are no guidelines really, it's all worked out on a number of variables.
Skinz
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Registered: 15th May 03
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20th Jul 05 at 08:21   View User's Profile U2U Member Reply With Quote

is that when the supply of drugs is plentiful that year nik
3CorsaMeal
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Registered: 11th Apr 02
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20th Jul 05 at 08:28   View User's Profile U2U Member Reply With Quote

Can use parents as an guarantour (SP) and get lots more
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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20th Jul 05 at 08:31   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by nik
I got x5 my salary although my salary can in effect reach my mortgage each year on a good year. I did put a large deposit down though. As people say there are no guidelines really, it's all worked out on a number of variables.


Spot on Nik, don't bother using the 3x annual salary multiples its more of a case nowdays if you can afford it they will lend it.
3CorsaMeal
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Registered: 11th Apr 02
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20th Jul 05 at 08:36   View User's Profile U2U Member Reply With Quote

buy penny sweets in bulk and sell them on to make profit
ryansss
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Registered: 27th Jan 05
Location: Southend
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20th Jul 05 at 08:53   View User's Profile U2U Member Reply With Quote

Hmmm, shed from b&q me thinks.

I looked at one of these schemes where you get a 60k mortgage and pay rent. I earn 24k, and couldnt afford to do it as they have stupidly high ground rent on top of everything.
Kerry
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Registered: 5th Oct 01
Location: Norwich
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20th Jul 05 at 14:53   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by 3CorsaMeal
Can use parents as an guarantour (SP) and get lots more


not all lenders do gaurantour (sp) mortgages and those that do the rate is generally higher due to high risk lend
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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20th Jul 05 at 15:39   View User's Profile U2U Member Reply With Quote

Natwest do guarantor mortgages.
Kerry
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Registered: 5th Oct 01
Location: Norwich
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20th Jul 05 at 15:40   View User's Profile U2U Member Reply With Quote

One Account dont

Both owned by RBS
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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20th Jul 05 at 15:48   View User's Profile U2U Member Reply With Quote

RBS own the world, but you don't own us.

We are owned by the Spannish
John_C
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Registered: 5th Mar 03
Location: South east, Bromley
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20th Jul 05 at 17:09   View User's Profile U2U Member Reply With Quote

can get up to 5x if you have a guarantor. maybe be able to get more if you self certificate . up to 125k lenders don't ask to see wage slips so can bend the rules a bit. get a broker too.

 
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