{"id":28463,"date":"2024-10-12T11:57:52","date_gmt":"2024-10-12T10:57:52","guid":{"rendered":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28463"},"modified":"2024-11-05T10:20:33","modified_gmt":"2024-11-05T09:20:33","slug":"six-times-income-multiple-mortgages-for-long-term-deals","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28463","title":{"rendered":"Six times income multiple mortgages for long term deals"},"content":{"rendered":"

Mortgage lenders are beginning to offer first time buyers larger sums of money to borrow through higher multiplier mortgages to help them take their first step onto the housing ladder.<\/p>\n

Mortgage lenders will typically use an income multiplier to determine the borrowing capacity of an applicant. First time buyer loans are usually capped at up to 4.5 times the borrower’s income, although some lenders, including the Nationwide, offer 5.5 times income mortgage loans. There are other lenders offering 6 times income mortgage loans, although these tend to be offered to higher earners or by the smaller lenders and usually come with\u00a0 higher rates of interest charges.<\/p>\n

The Nationwide has now gone further and has recently introduced a new mortgage product of up to six times borrower’s income. To qualify, borrowers must be first time buyers with a 5% deposit, and be prepared to commit to a five or ten year fixed rate deal. They must also have an individual income of a minimum of \u00a330,000 a year, or \u00a350,000 a year if borrowing as a couple, and further affordability criteria still have to be met.<\/p>\n

Once the initial fixed period has ended, the borrower is faced with the dilemma of allowing the interest rate to lapse onto the mortgage lender’s standard variable rate – which, in theory, they should by then be able to afford – or committing to another fixed rate of interest, which may well be higher than the initially agreed rate.<\/p>\n

The prospect of borrowing more money at an affordable fixed rate to secure your first home may seem the answer for first time buyers who are often stuck in a rut trying to save while having to pay the high cost of rental. However, the dramatic effects of the 2008 financial crisis should not be overlooked. The crash caused thousands of homeowners to lose their homes or end up with negative equity when the value of houses plummeted. It took around seven years for the average house to regain its previous value.<\/p>\n

The Nationwide is anticipating that borrowers in London and the South East will be most likely to take up the offer. However, interest rates are expected to gradually fall, so it is likely that many borrowers would be reluctant to enter into such a long term commitment at the present time.<\/p>\n

Mortgage brokers have said that lenders are offering the best deals to first time buyers rather than those wishing to move house or remortgage. The first time buyer market is seen as something of a “key battleground” among lenders, following a report by the Building Societies Association (BSA) which said that first time buyers trying to buy a home faced the toughest conditions in 70 years. The BSA called for some easing of the lending limits if borrowers were only able to afford a small deposit.<\/p>\n

\u00a9www.PropertySurveying.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage lenders are beginning to offer first time buyers larger sums of money to borrow through higher multiplier mortgages to help them take their first step onto the housing ladder. Mortgage lenders will typically use an income multiplier to determine the borrowing capacity of an applicant. First time buyer loans are usually capped at up … Continue reading “Six times income multiple mortgages for long term deals”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":22209,"parent":22327,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[558,569],"class_list":["post-28463","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\nSix times income multiple mortgages for long term deals - Property Surveying NEWSLETTER<\/title>\n<meta name=\"description\" content=\"Mortgage lenders are offering first time buyers six multiple mortgages to help them take their first step onto the housing ladder.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28463\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Six times income multiple mortgages for long term deals - 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