anyone know what kind of income multiples mortgage lenders are offering just now?

[citybranch]

Coming out of a 2yr fixed rate soon, but DH is working part time (flexible working request) as this was MUCH better financially than paying two lots of childcare. So combined income has dropped.

Our mortgage is currently about 3.75x our lower salary... does anyone know if lenders still let you fix with this income multiple?

We can always drop onto the SVR but I do prefer fixed rates. DH can go back to full time whenever (has to give a couple of months notice) but this won't happen until Sept 2011 at the earliest (when DS starts school).

thanks!

I don't think they really go on multiples of salary so much as 'ability to meet the monthly payment'. Given that the SVR is pretty low with most lenders at the moment, it could pay you to do that for 6 or 12 months - until your son goes to school, in fact - and look around for the best fixed rate in the meantime.

Speaking as someone who took out a new fixed rate at 6% just as the SVR I would have qualified for dropped to next to nothing I am now a big believer in not rushing. :)