sillysi

I have a property for sale and it is involved in a chain. I have found out that one couple in the chain can not raise their required mortgage of £140K, they can only raise £106K. They plan to have a third party added to the mortgage application. What I need to know is is this possible and how much can three people raise against there income?

bartmanuk

lo si,
yes this is possible m8,you can have up to 4 applicants on one mortgage,as for the bit about how much 3 peeps can raise,this will vary depending who it is with,1 person is 3 times annual wage,2 persons is 2 1/2 times joint annual wage,then the 3rd persons wage will normaly be times 2,but as i say this will vary from lender to lender.the 3rd person in this sort of deal normally makes quite a difference to the final amount available.
hope that helps.

BM

sillysi

Thanks for the info'.

Si.