Who is likely to lend the most money?

N

Nickmart

Guest
Does anyone have advise on lenders who will look at mortgages at 4-5 times base salary?

We have 40% equity and a single salary of about 70 with fixed allowances taking it up to near 80 and a variable ~10% performance related bonus. Aditionally we have some other assets which we do not want to use towards the sale and are beyond the reach of the bank.

Our outgoings are relatively low so personaly we are comfortable paying 50% of our net although we understand most banks are going to take a figure of more like 40%. Are anyof them likely yo take the fixed allowance into account?

Thanks
 
Nickmart said:
Aditionally we have some other assets which we do not want to use towards the sale and are beyond the reach of the bank.
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What does "beyond the reach of the bank" mean?!

Why would you not use some of your savings to reduce your need to borrow rather than maintaining debt while saving/investing?
 
Hi,
By "beyond the reach of the bank" I mean that there is not a way for the bank to be given control of the assets in such a way they can use them to secure the loan.

"Why would you not use some of your savings to reduce your need to borrow.."
If the savings were invested in such a way that they would deliver a far greater return than the cost of borrowing that much. ( and no, I can't add to that investment.)
 
If you have no other loans, have a good credit history and are eligible for a 30 year mortgage, depending on personal circumstances (married? children? etc...) you can qualify for in excess of 400,000 on the figures you provided above with a couple of lenders

Assuming your property value is at least 460k
 
bobk said:
If you have no other loans, have a good credit history and are eligible for a 30 year mortgage, depending on personal circumstances (married? children? etc...) you can qualify for in excess of 400,000 on the figures you provided above with a couple of lenders

Assuming your property value is at least 460k
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All well and good but due note should be taken of the rising costs of servicing such a debt.
 
Rising costs duely noted :)

Any lenders in particular BOBK?

thanks
 
EBS are getting grief from the Financial Regulator and the other banks for relaxing their lending practices so I'd imagine they are?
 
Just in my own experience, I found that Ulster Bank were willing to lend more than the others. If you choose to avail of it, (a percentage of) income from the 'rent a room' scheme can also be taken into account by banks, when considering how much they will lend.
 
Nickmart said:
Rising costs duely noted :)

Any lenders in particular BOBK?

thanks
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Some lenders would Nickmart,

IIB, Bank Of Scotland, possibly EBS or Ulster Bank,

Each bank has a different lending criteria so it really depends on the case details though and what you're offering.

You should go through a broker to both maximise your borrowings and negotiate the best available rate

Bob
 
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