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Mortgage help

22 replies

Gobbledigook · 26/01/2005 12:14

Does anyone know where you can get a mortgage for 4x joint salaries?

I'm sure you can get them but when I've been on all the mortgage calculators, they don't seem to lend more than 3x.

If it helps, what we are borrowing is only just over 50% of the house value.

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Gobbledigook · 26/01/2005 12:26


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Twiglett · 26/01/2005 12:30

I think its just probably the mortgage calculators .. why don't you just identify the mortgage products you like best (bump your salaries so its 3x joint) then give them each a call individually .. you may find the ones you want will do an affordability equation instead


hercules · 26/01/2005 12:30

I dont have an answer but another question. I work part time and dh is full time. We want to upgrade to 3 beds butto do so I need to go back to work full time. The stupid thing is though by doing so we will be worse off as we will need to pay for childcare which we dont have to at the moment.
A x4 would help us as well.

Twiglett · 26/01/2005 12:30

same answer to herc

galaxy · 26/01/2005 12:31

GO to We have 4 X joint with Nationwide Building Society.

Gobbledigook · 26/01/2005 12:36

Have you Galaxy? Oooh, I'm excited!

Hercules - I know what you mean - I work freelance from home so I'm part-time but I'm actually better off in terms of disposable income than my friend who works as a solicitor as she has her kids in a very expensive nursery (2 of them, soon to be 3) while I pay next to nothing (mine go to a morning sessional playgroup that costs peanuts with the childcare vouchers for ds1). So it really irritates me when lenders seem to be so strict on the income multipliers.

We want to borrow around £200K which is say £1000 per month interest only (short term plan to pay interest only till all kids in school, then switch to capital repayment when my earnings go up, hopefully!) - we know we can afford this because atm we are paying 2 mortgages (have moved while still waiting to sell) which is £1300 a month, plus dh has just got a promotion with an increase in his basic salary plus car allowance. In addition, the amount we want to borrow is only about 55% of the house value so we feel that lenders are taking very little risk at all in lending us that money.

I just want to go into somewhere and lay it all out in front of them and say 'look, I can afford it'! I wouldn't be stupid enough to ask for a mortgage I couldn't pay!!!

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Gobbledigook · 26/01/2005 12:38

Galaxy - did you find it easy to find people to lend you 4x joint salaries or did you have to 'work hard' at it iyswim? Also, do you have particularly stable jobs (e.g. doctor, teacher) as I know some lenders have special mortgages for what they term 'professionals' but while dh and I are both what I would consider 'professionals' we don't fit into the doctor, lawyer, teacher categories.

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hercules · 26/01/2005 12:40

I want to borrow around £200,000 as well and I am a teacher.

hercules · 26/01/2005 12:40

I want to borrow around £200,000 as well and I am a teacher.

northerner · 26/01/2005 12:42

If you've got a 25% deposit you coulkd get a self cert mortgage.

Gobbledigook · 26/01/2005 12:43

What does that mean Northener?

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granarybeck · 26/01/2005 13:24

IF don't use salary muliples. They use affordability, credit ratings etc. Might be worth a try.

galaxy · 26/01/2005 13:27

No to the occupation question. Dh was a retail store manager earning less than £20K and I am an Account Manager. We have a £200k mortgage. They did take into account the maintenance that dh gets for ds from ex-wife.

I was looking at re-mortgages the other day on and a few lenders came up - good place to start.

Gobbledigook · 26/01/2005 13:33

Thanks, will look at IF.

Also, on moneysupermarket, nothing came up for us which sounds strange Galaxy. It asks you to put in monthly outgoings - does that mean just credit outgoings like loans or credit cards because I might have gone wrong there by putting in monthly average outgoings in terms of gas, electric, phone, gym, blah, blah.

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galaxy · 26/01/2005 13:38

Do a quick search based on your income and mortgage requirements and it should bring up more lenders. At least that's a starting point and you could call the lenders to ask for their eligibility criteria.

If I put all my outgoingsin, we wouldn't get one either. Think it means existing repayments on credit cards , loans, childcare etc

milge · 26/01/2005 13:43

Try, or Must learn how to do links soon. As long as your deposit is 20-25%+, you should be ok to find a lender to go over normal multiples. Maybe worth approaching your own bank too.

galaxy · 26/01/2005 13:48

Try Nationwideoneminutemortgageonlineservice

Gobbledigook · 26/01/2005 14:02

Galaxy - you're a star, thanks for that link. Says we may be able to borrow up to 215,250 - good to know because our house isn't shifting and that would mean we could drop the price by 15K if we really had to.

Will try other links later milge as baby crying!

I knew MN would come to the rescue - the knots in my stomach have disappeared (temporarily though I'm sure!)

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shrub · 26/01/2005 14:22

hi there - we took out a 5 x my dh's salary last year with ABBEY (use to be ABBEY NATIONAL) so we could get back on the ladder. we have taken an 100k interest only mortgage discount tracker (2years) works out at £390 a month. since then my dh's wages have gone up 5k and i will eventually be returning to work - a bit of a risk but we found the house of our dreams and we were spending twice that amount in renting! the fact that you will be borrowing only 50% of value will also add to your favour.

Prufrock · 26/01/2005 21:03

Intelligent Finance, Brittania, Northern Rock all use affordability rather than salary multiples.
Do try a broker (charcol are the best known) - they will take commission but can often more than make up for this by getting you a better deal than you could find yourself.
(And 4x is nothing - we have just been offered a mortage through Savills of over 9 times DH's base salary!)

shrub · 26/01/2005 21:07

we went through 'london and country' they are the only broker that doesn't charge commission. you could phone the others to find out which has the best deal then go through london and country/bank/building society direct

Gobbledigook · 26/01/2005 21:23

Thanks everyone - you are all brilliant! I feel a bit more confident now about finding what we need!

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