MattN

I need help..........

Anyone know of a mortgage company that will lend 4 times a salery, all the ones I've tried will only do 3.5x which is causing me seriuos problems.

Ta.....

robski

3.5x is the industry standard

some will do more

I would suggest you use a decent mortgage search engine such as money gator or charcoal

they should be able to find you someone, but usually the rate wont be as attractive

also they may require some security

do you REALLY need 4x, or is it just that you want 4x IMHO you may change your mind when you end up paying a lot more each month for little extra benefit

good luck

robski

GranTurismo

Hello,

try your bank, im with Lloyds and as I have been with them for years they sad 4x is fine and would go to more If I pushed, however the main thing is the repayments and how much you want to pay out!

Do to splitting up with my missus I have a lot to put in but I dont want to have whopping repayments, remember the interst rates could go up!!!!!!!

dba

go to a broker,they will know.Try the Woolwich,they lent me 200k and Im skint.

mook

MattN > I agree with using a broker, they can get hold of pretty much anything you want. Now, from Hants, you wouldn't be over far away from Horsham - take a trip to Mortgage Solutions, would be worth your while, they've found me some top deals. Email me if you want more info. (I don't work for them or anyting, just recommending from experience). Cheers

Yex

Matt try

Alan

Just remember 4x salary is not a bad thing in this present economic climate of low interest rates.

Imagine 25K a year x 4 = £100K

(1992) 100K @ 10% = 1,000 per month
(2001) 100K @ 55 = £500 per month

I'm no financial advisor but so long as it's fixed you are fairly safe.

Alan

Puff The Magic Wagon!

iTrader: (2)

Matt

Another good way is to find a partner with a good job & get tte to move in with you. That way your base goes up & you can do it on a lower multiplier

Even better if is if the partner has equity in an existing house, which can then be incorporated into the new property.

Why shoulder all the burden on your salary?

MattN

thanks for the input guys.

Managed to get 3.9x on one deal, and, no MIG or valuation fee. Fixed for 2 years at 5.89%. Haven't confirmed yet so still time to beat it!

Just want to be careful I don't overspend and have to dip in to my beer fund (like I'd ever do that!)

robski

Alan made a very good point.

Ive just taken a portable 15year fixed deal at 5.89%. I couldnt risk an significant increase in payments, so I accepted a slightly more expensive per month deal than I could have got for the security over 15 years.

Dont forget, a lot of people are expecting interest rates to start going up towards the end of this year, that sounds a long way off, but in reality it could just be a few months.

robski

dba

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:<HR>Originally posted by MattN:
<B>thanks for the input guys.

Managed to get 3.9x on one deal, and, no MIG or valuation fee. Fixed for 2 years at 5.89%. Haven't confirmed yet so still time to beat it!

Just want to be careful I don't overspend and have to dip in to my beer fund (like I'd ever do that!)[/quote]

just check redemption penalties that may even be levied even if you renew with the same company.No MIG sounds to good to be true!! Good deal otherwise.

robski

dba,

what you need to check is as you say the contract that you sign.

Mine was no MIG either (until you read the small print) the BS are paying one which they will recover if they make a claim on it.

robski

dba

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:<HR>Originally posted by robski:
<B>dba,

what you need to check is as you say the contract that you sign.

Mine was no MIG either (until you read the small print) the BS are paying one which they will recover if they make a claim on it.

robski[/quote]

agreed.Thats a bloody good deal ya got there btw,who was it with,if you mind me asking.