Apologies if this duplicates other posts - I couldn't find what I was looking for when I searched.
The situation is this: a couple with only one earner (on 40K) would like to own their own home. The other non-earning half of the couple will be earning ~50K in 3 years time (presumably with increases in line with inflation). However they would like to buy now as they are worried about the huge increases in house prices. Ideally they would like to buy a home up to 381K in value. They have about 20K in shares which they could liquidate if necessary. They feel they can comfortably afford ~1200-1300 pm in repayments.
Are there any lenders that will lend more than 4-5 times a person's salary? Do they ever look at ability to repay, and if so how do they judge that? Is there any flexibility with what they can borrow? Would interest-only (in the short term) mortgages be an option? Would having a guarantor make any difference? Are there any brokers that might bend the rules?
Any info or pointers to relevant posts would be much appreciated.
The situation is this: a couple with only one earner (on 40K) would like to own their own home. The other non-earning half of the couple will be earning ~50K in 3 years time (presumably with increases in line with inflation). However they would like to buy now as they are worried about the huge increases in house prices. Ideally they would like to buy a home up to 381K in value. They have about 20K in shares which they could liquidate if necessary. They feel they can comfortably afford ~1200-1300 pm in repayments.
Are there any lenders that will lend more than 4-5 times a person's salary? Do they ever look at ability to repay, and if so how do they judge that? Is there any flexibility with what they can borrow? Would interest-only (in the short term) mortgages be an option? Would having a guarantor make any difference? Are there any brokers that might bend the rules?
Any info or pointers to relevant posts would be much appreciated.