Nimbus

Looking for a new house and wondered if any Banks, Building Society or on-line places offer 3.5 x joint income? We are looking to piut down 35% deposit.

Dunk

iTrader: (1)

Just redone our mortgage & found both these sites to be excellent:

http://www.moneynet.co.uk/
http://www.moneyextra.com/

Crack your info in to see who'll do it !

D

darlodge

Nimbus,

Have a look here mate.

Don't know of any lenders that are willing to led 3.5 though. Ours is 2.6 with the Halifax and that was after a few points were taken off with car payments commitments. I think the max that Halifax were going to lend was 2.8 but that was with a tiny 3% deposit (First time buyer )

Darren

Nimbus

Our current lender can do 3.25 x both, but it leaves us a little short on what we wanted.

Cheers

what would scooby do

ahem I was offered 4x by one of the biggest - but you have to have a really good IFA who knows who to speak with, needless to say I didn't need 4x and stuck with 3x

Nimbus

We can get 4 x 1st + 1 x 2nd as well, but this works out less. BTW, before anyone says it. We KNOW it's a lot, but we have done our sums and can afford it.

Andrew Timmins

Nimbus,

A lender that works on affordability rather than income multiples would probably be your best bet.

Mail me with the house price and I'll mail an illustration back to you. Should give you an idea of what is available and at what cost.

Andrew
Mortgage Broker

ScoobyJawa

Abbey National seem to be quite flexible - they stretched their limits a bit for me when we were looking at remortgaging - as they will really weigh up the situation.....

carl

Or go self-certification (no proof of income required). Some lenders' products are competitive -- we got base rate + 1% from The Mortgage Business on a self-cert basis.

AndyC_772

iTrader: (2)

Try the Nationwide - make an appointment to see the adviser at your local branch rather than dealing over the phone.

Mrs C and I moving house right now and have had a couple of interesting meetings with the manager of our local branch; it seems that they can be a bit more flexible in person than over the phone, especially if you have a good credit rating.

A.

Nimbus

Andrew,

YHM!

Andy Tang

iTrader: (3)

Halifax do a self certification option.

Back in April, I was offered:

4.9% - With 3 months bank statements, etc, etc.
5.0% - Self certified, with no paperwork!!

red_dog104

Nationwide Direct will lend that much I think. 0800 302010.

Nimbus

AndyC,

Thanks. I'll try that.

Nimbus

So how does self certifcation work? How can they lend you more without seeing any paperwork? Does sound promising though. Will nearly get me what I need....

carl

It works because if you default on the mortgage they reposess your house. Why should they care if you can meet the repayments?

For this reason, they usually only do self-certs when you have a substantial deposit (i.e. ~25% or more). Some self-certs go down to 15% deposit.


[Edited by carl - 2/24/2003 4:27:38 PM]

Toerag

I've been offered 5x on a LTV of ~87% Then again, I do live in silly house price land (3 bed semi = £300k)

RESSE

iTrader: (1)

Intelligent Finance = 4.85%

Bank of Scotland = 4 x main + 1 x Spouse/Partner income - Bank of Scotland is not the same company as The Royal Bank of Scotland.

Nimbus

Isn't this what they do anyway?

Sounds like there are some options out there. I'll have to see if I can visit an mortgage adviser.

3times

Nimbus,

with a 35% deposit there are a lot of lenders that do not require proof of income. I have some lenders available that do not even require income stated on the form. They are grown up enough to realise that if you are putting a large enough deposit down you are going to make sure you can afford the mortgage.

If you want mail me with a phone number and I will explain in more detail.

Tony

AndyC_772

iTrader: (2)

Even with self-certification, you can't (really) claim that you earn more than you actually do. What it does mean, though, is that there's less paperwork involved, so the process can move faster. It's also good if you're self-employed, or (like me) moving because you're changing jobs. Many lenders, it seems, get nervous if you're starting a new job at the same time as the move, despite the fact that a new job is a very common reason to move in the first place!

A.

Nimbus

3times,

YHM!


Well, you would have if the mail server was not down. I'll try later..

[Edited by Nimbus - 2/24/2003 5:02:59 PM]

3times

Nimbus,

YHM

pwebb

Yorkshire Building Society - 4 x provided the LTV is within 75%
new products released this week - look good
Paul W

fast bloke

For a self cert you are not claiming that you earn more than you do. You are certifying that you can offord the repayments. If someone arranges a mortgage for you that you can't afford you could sue them if it all goes pear shaped. If you go for self cert (of affordability) and have a reasonable deposit they have covered their backs so can lend you greater multiples. The multiples are set down by most lenders so that they carry as little risk as possible but still get the business. Having a chat with a manager or mortgage broker should get you past the multiples