Anyone managed to get a large mortgage?

[MrsWhirling]

Under the new scheme has anyone managed to borrow over 5 times their wage for a mortgage?

Not a mortgage but I did try to release some equity for home improvements...declined despite having more than £1k disposable income every month for repayments of less than £175...gutted

Under the new system the main thing the lenders are trying to establish is whether the borrower can afford the repayments. I wasn't borrowing anything like five times my salary and the interview was still very detailed

When you have sizeable assets, yes.

Friends have borrowed what must be over 5x their household income. BUT they had (1) a large deposit and (2) other assets a lender may seize if the sh*t hits the fan.

Deposit barely counts once it's above a certain amount, it affordability all the way. My colleague has just done a 5.75 multiple but the applicants are very (very) high earners and have a very (very) large disposable income after all expenses. If you have no kids, no debts and a good job, 5 x is achievable.

Why would someone expose themselves to that sort of liability at this time? For something like 260 years the BoE base rate never dropped below 4% for more than a quarter, and has tends towards a historic mean of between 5% and 6%. You are borrowing over more than a five years, so it stands to reason that the interest will revert to the norm. At the moment the BoE is at 0.5% having been suppressed following the 2008 crash. Unprescidented in recorded history.

Assuming we revert to mean, and the country recovers from recession, you should factor in repayments based on adding an extra 4-5% minimum additional interest annually to your mortgage.

That's £70 per 1% per £100K. On a £300K house for example, if the BoE base rate hits 5.5% over the next 5 years, that's an increase in monthly mortgage payments of £1050 as interest rates rise.