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Haxlifax Still Providing Easy Loans X4.5 Joint Income

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A colleague and the colleague's partner are FTBs.

Received a x 4.5 joint mortgage without having to show any payslips or anything. Not clear if they are both with Halifax but I was surprised at the joint income multiplier either way.

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Not a big problem if they fix for 10 years at current interest rates.

I had all but written off buying a reasonable home an instead opting for a small semi, but recently I have been rethinking my strategy using a 10 year fixed mortgage.

Luckily prices around here have not been budging for the best part of a decade, so in my case it might make sense to fix for 10 years at <4% at current prices.

If it's not fixed > 5 years then there will be trouble!

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A colleague and the colleague's partner are FTBs.

Received a x 4.5 joint mortgage without having to show any payslips or anything. Not clear if they are both with Halifax but I was surprised at the joint income multiplier either way.

Halifax are willing to lend 4.5 multiples and more in London as that's what it takes. Remember the government might have guaranteed 20% of the loan anyway. I'm surprised they aren't asking for payslips though as the new Mortgage Market Review pretty much mandates this from April.

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Not a big problem if they fix for 10 years at current interest rates.

I had all but written off buying a reasonable home an instead opting for a small semi, but recently I have been rethinking my strategy using a 10 year fixed mortgage.

Luckily prices around here have not been budging for the best part of a decade, so in my case it might make sense to fix for 10 years at <4% at current prices.

If it's not fixed > 5 years then there will be trouble!

I think that is a fair point. When I was looking I wanted to buy with a 10 years fix. Something like 40% down 60% mortgage. One point about the 10 fixes though is that they tend to take longer to process (no idea why they should but this is what I was told), so the seller would have to be willing to wait a little longer.

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Halifax are willing to lend 4.5 multiples and more in London as that's what it takes. Remember the government might have guaranteed 20% of the loan anyway. I'm surprised they aren't asking for payslips though as the new Mortgage Market Review pretty much mandates this from April.

I just did the sums and with with this new lending level I could buy a small new build house in London! I'm just going to tell the misses that we are moving. :P

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