How much can you borrow -  Couple and Dual incomes

Required Reading


  


How much can you borrow - Couple and Dual incomes


For couples, the guideline is generally the same, with two and a half to three times the 'principal' income (usually meaning the higher of the two, irrespective of sex, but make sure this point is clarified if it's relevant), plus once times the secondary income.

Sometimes lenders will offer as an alternative twice the joint income or similar variations. The best alternative for you will depend on your relative incomes, and whether the higher multiple is three times or less. As the following examples show, the different formulae can have quite different results:

Case One

Couples earning £56,000 a year each Maximum loan

Twice the joint income


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How much can you borrow - Guidelines that the lender will use The size of your income


Before you even start looking for a property, you will want to know roughly what price bracket you can afford. Lenders will be looking at the amount of your income and usually have general guidelines which they will apply. At the time of writing, many building societies were prepared to offer a single person (man or woman) up to three times their annual salary.

This multiple varies according to the lender concerned. A survey of 20 lenders (including the 10 largest societies) showed that around half were prepared to lend up to three times income; the rest mainly quoted two and a half or two and three-quarter times. At the time the survey was carried out, mortgage rates were 10%. At higher rates, it is possible that the . . .... see: How much can you borrow - Guidelines that the lender will use The size of your income


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