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What are the salary multipples like for mortgages nowadays?

8 replies

IlanaK · 06/06/2009 21:14

Back in the days when I last had a mortgage, they were 2.5 times salary, but that was in the days after the LAST recesion before this one! Any ideas what they are now?

OP posts:
lalalonglegs · 06/06/2009 21:28

I think it very much depends on how much deposit you have - I am still hearing about 4x but generally it is more likely to be 2.5-3.5.

IlanaK · 06/06/2009 21:30

We will have over three quarters of the purchase price in cash - will that make a difference?

OP posts:
sylar · 06/06/2009 21:31

We were offered 5x a couple of weeks ago and I was pretty shocked. But we do have a large deposit (45 per cent).

We're not taking 5 x of course!

nickytwotimes · 06/06/2009 21:31

We were surprised at the one we were offered on DH's salary - almost 5 times! However, we have a 20% deposit and he is public sector. Approach a good broker and see what they come up with.

nickytwotimes · 06/06/2009 21:32

No, we wouldn't take 5 times either!

3/4 cash?!! They'll give you whatever you want!

RealityIsMyOnlyDelusion · 06/06/2009 21:32

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RealityIsMyOnlyDelusion · 06/06/2009 21:34

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Fizzylemonade · 06/06/2009 22:59

We were told 4x Dh's salary no questions about how much deposit we had although we have been with this same mortgage lender for years and years and they know we have been here for 5 years.

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