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The OH is looking to re-mortgage, but needs a mortgage with income multiple of 5.25.
Any know where we can get a list of lenders that would fit the bill?
Cheers in advance
Speak to a mortgage broker? If you're in the Midlands I can recommend a good one.
don't forget rates are going to have to go up eventually!
Mortgages have moved to affordability based criteria rather than income multiples. So a lot will depend on other expenses your OH has.
She's comfortable with the affordability. Managed it for the best part of 10years, with no missed payments etc. No debts, fairly low and controlled outgoing (except bike gear!), reliable job.
She's prime in every way except the income multiple really, which means she's been stuck with the same lender. Now the loan has been paid off a bit, was hoping to be able to jump ship to a more mainstream lender.
jamwilllayher has got it right. I work for a bank, it's not about income multiples anymore it's about affordability. Pick a bank you like the look of with good rates and give em a ring. They'll do you a decision in principle which will take maybe about 15 mins and be able to tell you if they'll have you. I'd advise asking about an 'execution only' service if you know what you want. (5yr fxd?) as the advised service over the phone will take upwards of an hour.
She's comfortable with the affordability
She might be OK with it, but unless her last 6-12 months worth of bank and credit card statements can show an income surplus over expenditure sufficient to cover the increased mortgage amount at +3% over the current prevailing rates the lender might be less happy. As above, a good broker is the best bet, or one of those unregulated East European-based SC mortgages* I heard mentioned on Moneybox the other day.
*just kidding
jamwilllayher
jamba -willy-waver ? Auto correct is a riot 🙂
lol, nah it was sposed to be: jam will lay her. 😉
Cheers all. We're going to have a face to face with Nationwide, they seem to offer reasonable rates and have been recommended as good with their affordability ratings method.
Yep - talk to the Nationwide.
They helped me out when I had to take the ex off the existing mortgage - which meant that I was going to be solely responsible for the full mortgauge which was a similar multiple.
They also take it into account (and will inrease their multiple) if you have been paying it for 6 months or more (as it sounds she has) so even though it may not add up on paper it is worth talking to them.