Mortgage quiery. Watch

ElWilson
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#1
Report Thread starter 12 years ago
#1
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?
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Ataloss
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(Original post by ElWilson)
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?
The maximum mortgage you can borrow is usually 3-4 times your salary (pre-tax).

Some mortgages for "professional people" enable you borrow 5 times your salary.

There is also some variation depending on the percentage deposit you are able to place.

Its a bit of minefield really.:p:
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mademoiselle84
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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
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finnish_777
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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.
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Tarts_n_Vicars
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Usually around 3.5 times but it can go up to 5+ depending on the lender, what deposit you have etc. It's worth going to an independant broker, they'll know who will give you how much and do all the legwork for you
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Colly
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it can go up to 8 times your salary if your a real high-flyer
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UtterNutter69
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if you shag the financial advisor it can go up to 20x.
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ellewoods
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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)
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digitalparadox
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Single= 3.75x salary
Couple=2.75x salary

However in reality these figures can vary depending on your situation.
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