High Income Multipliers - Best Buys
Mortgage lenders apply a formula to the amount you can borrow which is based on a multiple of the income(s) of the borrower(s). The aim is to make sure that you are not over stretched and can afford to keep up with repayments.
Typically lenders will lend a sum equivalent to 2.5 or sometimes 3 times the main income plus second income, or 2.5 times the joint income.
Some lenders will take a different approach and will consider lending in excess of the typical multipliers based upon you affordability, the amount of equity within the property and your overall credit score.
They are normally only given on a case by case basis. Your mortgage adviser will discuss this in more detail when you make an online mortgage enquiry.
