What is the usual mortgage to salary? Is it true that your mortgage is usually 3 times your yearly income?
If not, could anyone correct?
normally 3 times salary, but you can get guarantor mortgages- where your parents guarantee it, and you can get up to 5 times your salary, i believe. but you might have to have rich parents
Where to begin
For many, the best starting place will be to get a vague idea of how much you need to spend - perhaps from house price indices, speaking to friends or checking out local papers.
The next move will be to find out how much the average lender will offer you. If this amount falls short of the amount you need, you can then start looking for lenders who offer a little more than the norm.
it can go up to 8 times your salary if your a real high-flyer
if you shag the financial advisor it can go up to 20x.
My boyfriend and I got (on a joint mortgage) 3 times his salary plus 1 times mine. (this is because I only earn about 7k a year as Im a full time student)
Single= 3.75x salary
However in reality these figures can vary depending on your situation.