Should I Borrow A High Income Multiple?

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Should I Borrow A High Income Multiple?

These days lenders are willing to lend high income multiples, if you are applying for the mortgage as a couple then both you and your partners incomes will be taken into consideration when the mortgage lender makes his decision on how much to lend to you. With competition for lending being very high for first time buyers, but now comes the question of should you get a high income multiple just because they are available. You need to remember the more you borrow the more you will need to pay back each month as mortgage repayments. You need to consider how much you can afford, and should take into account, council tax, utilities and other living related expenditure. Interest rates on mortgages are subjected to fluctuation, depending on the mortgage scheme you are on. This too will affect your total monthly outgoings if interst rates are rising. You need to have some form of allowance built into your calculaions for this occuring. You need to take into consideration what would happen to your mortgage if you lost your job, or got a new job but this time you are not earning as much as you were previously, these should be taken into consideration when you are applying for your mortgage. If you fail to keep up your payments on your mortgage your home will be repossessed and this is a very stressful process. The government provides very little state benefits that relate to your monthly mortgage repayments.

First Time Buyer Mortgages Frequently Asked Questions

What is the first time buyers initiative?	Am I ready to buy my first house?
What help is there for first time buyers?	Should I go for a 100% mortgage?
Should I borrow a high income multiple?	What decisions do I need to make?
What are the costs of buying a property?	What are the first time buyers risks?
How do I get a deposit for my new house?	What's involved in buying your first home?

Mortgage Help Desk UK Mortgage Products

"Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage "

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