If you've moved recently or are moving, what income multiple doyou have for the mortgage?

[HonoriaGlossop]

Or has it been done on affordability without lookng so much at multiples?

We would need about 5.5 x joint income to get a bigger house round here.

I'm planning for the future a bit - I just would like to know if it's more common now to get higher multiples - it must be, surely, with the price of houses?

TIA

I know it's a boring question, just bumping shamelessly!

Could you actually afford the repayments on a mortgage that big in relation to your income? I don't think I could.
We recently moved and got a mortgage of around 3.5 times joint income. A mortgage of 5.5 times income would need more than half our net income to repay - and leave us highly exposed to changes in interest rates.

hmm, thanks guys. We don't have credit cards or loans really, so I do think we could afford a higher multiple. to be honest, it's seeming the ONLY way we'll get a bigger place; we're in a two bed terrace and 3 x joint wouldn't even give us enough to buy THIS place!!!!

I will go and see a broker, (just hate the whole process!) so just thought I'd try to get a current picture from some others in the same situation - thanks for comments.

We have no other loans either. You need to work out what the repayments would be, factor in what the repayments would be if interest rates go up and see what money you would have left to live on. What if you lost your job? Or got sick? Don't forget all the costs of moving - not just stamp duty and fees, but the inevitable need for new curtains, carpets, decorating - even if the place is superficially ok.
Also, I would hang fire a bit to see if prices come down. And start saving like mad!

Thanks Hana. It is a MAD world, it really is.

I guess it's getting the income up rather than the multiples that is key; but I'm social work qualified which lets face it is a) a mug's game and b) no good to man, beast or mortgage advisor

Wait!Prices should come down a bit next year as those sort of multiples are not sustainible unless your income is very high and safe.

about 3.5

Thanks for that LIZ and body.

judgiing on these answers, there are a LOT of people round here earning a household income of 100k a year, as 350k is what a posh 3 bed round here costs (of which there are many!)

Call me embarrassingly naive but 100k seems alot to me, no wonder social services keep us holed up in the office and won't let us out, they don't want any chance we might re-train as something that would actually PAY

Honoria if your interested take a look here Maybe worth getting some advice first.

No, we don't earn 100k a year - but we have seen a lot of equity growth in the house we bought 12 years ago. this means that we are not borrowing a huge percentage of the next house. If we had not become home owners before the huge increases of the last five years, well, we'd be stuffed, frankly.

we don't earn 100k joint but would look at a house priced 350k or so for our next move, as we have 100k equity in our current house and 250k mortgage would be less than 3 x joint salary, so don't be fooled into thinking people earn that much, they just have the equity to put in iyswim