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Lender: HSBC Salary multiple offered: 3.25 Salary multiple is for off-the-street customers.
Lender: Halifax Salary multiple offered: 3.25 Warned that as a first-time buyer and single applicant, it would be virtually impossible to get a higher multiple.
Broker: One Call Salary multiple offered: 4.5 Despite warning me off a high multiple, the broker said he would be able to find a mortgage lender willing to take me on.
Lender: Abbey National Salary multiple offered: 3 Wary of offering high multiples, but willing to add the value of work bonuses, inheritance, windfall payments and, in some cases, the possibility of a promotion to your total annual salary.
Lender: Woolwich Salary multiple offered: 3.25 As a blanket rule, Woolwich will not offer more to first-time buyers, although existing homeowners can sometimes get up to 4.5 times salary.
Broker: Cyril Kieldson Salary multiple offered: 4 Didn't think getting a multiple of four would be too much of a problem, and that lenders who take the "affordability" rather than the "income multiple" route will probably be more open to my request.
Similar(51)
They have increased the salary multiples they are willing to lend.
Whoever started the rumour of five or six salary multiples was telling porkies and I now have to continue saving to make up that £5,000.
And for all the broker breast-beating they aren't even particularly draconian – other countries have gone for a much less vague approach and insisted on set salary multiples, loan-to-value ratios and mortgage lengths.
Big, one-time grants are something that companies like Apple and Yahoo are increasingly doing to avoid paying higher salaries over multiple years and suffering repeated criticism.
The reality, though, is that owners have made in-roads around compressing salaries for multiple CBAs.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com