Buying a home

[LiG123]

Not sure if this is the right 'topic' option

Basically- has anyone got a mortgage for more than 4x their wages?

Feels impossible to get a bigger family home and jump out of a flat 😫

I work in mortgages. 4.5 times income is easy to find and pretty standard. Several lenders do more than this. Some go as high as 5.5
You need to find a whole of market broker

It's certainly possible. We purchased our first home 5 years ago and borrowed just over 5x our income too. We used a broker who was fantastic - definitely worth spending a little with them.
Habito mortgage will also lend 7.5x income to those who work in certain sectors ie. NHS, teachers etc. Not sure what the interest rates are like but worth looking at if you do work in the specified sectors. Hope that helps.

Thank you! Given me some hope.

Also OH is self employed- do they go off of your net or gross? Like minus costs etc?

If you know!! Xx

We got 5x our salary. You may have issues with self employed, the way thry calculate salary can vary depending on materials etc so be much lowet than you expect. Best to use a mortgage advisor

More than 4x is common. Go to a broker, with self employed income other factors will come into play like how many years accounts etc.

@LiG123

Thank you! Given me some hope.

Also OH is self employed- do they go off of your net or gross? Like minus costs etc?

If you know!! Xx

It would depend whether he is a sole trader or if its a limited company If sole trader its usually average of last two years profits after costs but before tax so basically the figure he puts on his tax return If limited company its more complicated A broker will be able to help you