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Who Will Lend 5 X Salary?

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Starts with:

Hi,

My OH and I are hoping to buy in Oxfordshire this summer but we only have one salary (I am a student) which is ~£30,000/year.

We really need to borrow ~5 times our income if we hope to buy anything other than a shoe box!

We will also have a deposit of about £10, 000.

So far I have spoken to Coventry Building Society who will lend us 4 times our salary...does anyone know a mortgage lender who will lend 5 times???

Thanks!

First reply is very sensible:

will you be able to afford to pay 5 times the salary....??

what if interest rates rise

we all hear about getting on the property market,...they dont broadcast the number of repossessions in the same way

Next reply, we're getting silly & sheeple now:

you can borrow almost anything if your parents guarantee it - they'll let you borrow up to 85% of your parents' equity in their own home. you'll need a mortgage broker and you won't get a great rate, but lots of banks offer good deals to graduates.

a barrister friend of mine has borrowed X9 salary - he can afford the monthly rate it because he has four flatmates who all pay him rent for their rooms

get a fixed rate though, or you'll not sleep well for the worry

PMSL at this one. As if getting a fixed rate will make everything sweet!!

Next reply daft but sensible all at the same time:

Hi,

I'm in the process of buying a house-should go through end of feb.

Anyway, the Halifax are lending me 5 x salary because I'm only 25 and have no dependants or outstanding debt, but I do agree make sure that you do a detailed budget plan first to be sure that you can make the repayments.

Good luck

Lots of other mildly interesting stuff on :

http://forums.handbag.com/forumdisplay.php?forumid=43

:lol:

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Polygamy should be made legal in the UK. If two women were married to one man, or two men married to one woman then you would have three earners and their income would cover a mortgage that could pay for something habitable. If a woman has a baby there will still be two other wage earners to support her.

LOL

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Polygamy should be made legal in the UK. If two women were married to one man, or two men married to one woman then you would have three earners and their income would cover a mortgage that could pay for something habitable. If a woman has a baby there will still be two other wage earners to support her.

LOL

:lol::lol::lol:

I'd prefer the second option. I cant believe there are men crazy enough to marry two women.

Edited by Sine270

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??????

Debt is debt - they seem to want to outdo each other on the multipliers - I take it the barrister is going to have his flatmates living with him for 25 years

They haven't got a clue :lol:

Edited by dnd

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:lol::lol::lol:

I'd prefer the second option. I cant believe there are men crazy enough to marry two women.

In England state marries you, in Soviet Russia you marry state.

They haven't got a clue :lol:

Yeah, but I'd like to be in the gallery at that court when things turn sour.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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