imlach

Who'll do it - for a friend........

Renting out other rooms in house, so income potential hence high multiple....

House worth 230k.

Oh yeah, and preferably a 5 yr fixed rate deal.......

[Edited by imlach - 5/14/2003 10:33:40 AM]

Badger Stuffer

Imlach....Even at 3.5 times salary it only equates to £122K. Most lenders won't go that high.

I was in the Halifax last weekend and noticed that they do "Letting" mortgages. These might have a different criteria if you can prove how many rooms you will be letting and at how much etc.

I hope this helps.

Good luck.

Jason.

Reffro

Bradford and Bingley I believe do a mortgage for just this situation. I was looking into something similar myself, but didn't get around to getting all the details.

fast bloke

Mortgage plus will do it - 2 year fixed at 4.65
sales@mortgageplus.com

Cheapest 5 year deal is Sun Bank fixed at 6.24 until 01/04/2008. They also have a 2 year tracker discount at 3.74
www.sunbank.co.uk

Intelligent finance do not use income multiples, but base it on affordability. They don't offer fixed rates
www.if.com

Igroup will give 9.99 * salary, but are a sub prime lender so you will be paying higher rates (>5% tracker)
www.igrp.co.uk

Neil W

Try Intelligent Finance.

When I re-mortgaged with them last year they gave me 3 x salary plus a rather large reserve pot. Should I use the reserve, this would have made total borrowing circa 4.5 x salary.

They seem happy as long as the property is valued higher than you borrow.

fast bloke

If you want to go for a BTL you will need to show that you can raise a significant amount of the monthly payment from rental income. A letter from a letting agent is usually required to show this

Jay m A

iTrader: (2)

TBH as long as you have a 20% deposit you should get a 5x mortgage quite easily.

imlach

Thanks for all that - thought it was possible.

Sister has split with her man hence need.......

She is taking on the whole house.......

Badger Stuffer

That gives me over £1,000,000 mortgage......

MarkO

How much deposit have you got? If you've got 15%, then get a self-cert mortgage, then you don't have to provide proof of income (i.e., you can tell 'em you're earning 50k ). As long as you can service the debt, it doesn't matter what salary you claim to be earning.

imlach

Yeah - thought about self cert too - any good deals on them you know of?

As I said, pref a 5 yr fixed for stability and predictability.....

She would only need 80-85% tops......

imlach

it is a remortgage, hence 15-20% equity built into house.....

MarkO

Bank of Scotland (now HBOS) mortgages direct are superb for self-sert - we've used 'em for years, and have just had our self-cert mortgage agreed for our next house. Call 'em on 0800 868549.

The other good thing is that if you pick the 'personal choice tracker' (4.75%), then after you've paid the mortgage for 3 months, you can draw down a further 5% in cash if you want/need, effectively giving you a 90% self-cert mortage.

Good service too - see my earlier thead on this subject.