Skinz
Member
Registered: 15th May 03
User status: Offline
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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
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corb
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Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
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various between mortgage lenders as i understand it.
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Skinz
Member
Registered: 15th May 03
User status: Offline
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anyone know of a lender that does 4x ?? 3x is stupid for the average wages these days
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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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
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ed
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Registered: 10th Sep 03
User status: Offline
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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 
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vibrio
Banned
Registered: 28th Feb 01
Location: POAH
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mine was 2.894
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Skinz
Member
Registered: 15th May 03
User status: Offline
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quote:
Originally posted by vibrio
mine was 2.894
what your multiplier?
ed we are talking about combined wage with the GF here
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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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
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bradfincham
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Registered: 20th Sep 02
Location: East Of England Drives: Clio 172
User status: Offline
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depends on income, deposit, fixed or variable!!
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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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]
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nik
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Registered: 19th Jun 00
User status: Offline
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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.
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Skinz
Member
Registered: 15th May 03
User status: Offline
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is that when the supply of drugs is plentiful that year nik 
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3CorsaMeal
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Registered: 11th Apr 02
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Can use parents as an guarantour (SP) and get lots more
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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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.
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3CorsaMeal
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Registered: 11th Apr 02
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buy penny sweets in bulk and sell them on to make profit
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ryansss
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Registered: 27th Jan 05
Location: Southend
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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.
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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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
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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Natwest do guarantor mortgages.
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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One Account dont 
Both owned by RBS 
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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RBS own the world, but you don't own us.
We are owned by the Spannish 
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John_C
Member
Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
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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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