Times your basic gross annual income, plus 1 times any joint applicant's income, or 2. 7. Times salary with repayments eating up 36. Hbos are just irresponsible , offering eight times salary as a mortgage. Four per cent of all those surveyed missed one or more mortgage payments in the last year, which citizens advice says equates to 770, 000 households nationally.

The first step in getting a mortgage is working out how much you are going to try to borrow. Couple 2 : three to three and a half times the greater income plus one year of the second income. Monument credit card customer. With their endowment due to pay out £34, 000 on death and a mortgage of £48, 000, they have a shortfall of about £12, 000. Finding a guarantor mortgage is straightforward, says boulger  many lenders will make their standard ranges available, but on different terms.

Hay group compared average house prices in nearly 50 scottish towns and cities against an average scots salary of £26, 304, as calculated from its own pay database. This means that they don't simply take your salary details and multiply them by a factor to come up with a ceiling on your borrowing. Firstrungnow offers information about mortgages for first time home buyers. The standard income multiples that are used are around three to three and a half times an individual salary. This means it will become increasingly beneficial for first- time buyers to clear debts before applying for a mortgage. If both names are on the mortgage agreement then both of you will be jointly and severally liable for the monthly repayments, regardless of personal arrangements. See contents of full mortgages guide.

We can normally lend you up to 4 times your gross annual income. There are many different types of mortgage available, but the most common are discounted variable rates, fixed rates and capped rates. Apathy still exists, however, and so first- time buyers remain tempting to mortgage lenders. Rewards credit card. How much the mortgage lender thinks you can afford.