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]

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.

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.

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

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.

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

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

Thanks for all that - thought it was possible.

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

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

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

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. :D

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......

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

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. :D

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