Types of mortgages - High Multiplier
High Multiplier Mortgages
Mortgage lenders apply a formula which is based on a multiple of the incomes of the borrowers to determine the amount you can borrow. The aim is to make sure that you are not over stretched and can afford to keep up with repayments.
Typically lenders or brokers will lend a sum equivalent to income either 3 times the first income plus second income or 3.25 +1 or 3.5 +1. An alternative is both incomes added together and then times by 2.5 or 2.75.
Less commonly, other much higher multipliers are used such as 4 or more times
the main income. These are known as High Multiplier Mortgages
and are normally for people with reliably growing income, or where partners
income is present but being ignored (e.g. because of a bad credit history, lack
of accounts etc, but where you know that you can rely on it).
For more information on high multiplier mortgages or to apply for a high multiplier mortgage please follow the link - High
Multiplier Mortgages >
- World of Mortgages is authorised and regulated by the Financial Services Authority. Our FSA registration number is 430499. The FSA do not regulate certain mortgages. The advice and/or guidance contained within this site is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK
- We charge a fee usually 2% of the loan amount with a minimum of £2,999.
- Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured on it.