Extended Multiples Mortgages
Extended multiples applies to the gross income of one or more applicant in connection with a mortgage. Multiples are being phased out in favour of affordability calculations but standard multiples are 4.5 single or joint income. As with anything there are exception. Multiples of 5, 5.5 and even 6 times income are available. For like4like re-mortgages multiples of 6.5 are now available!
Lenders are instructed by the FCA to lend responsibly and not over-stretch borrowers. It's our job to get the desired loan amount on the most favourable terms.
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When assessing affordability the lender is seeking to ensure the loan amount is affordable at todays rates and also in the future.
Even though rates are historically low the lenders calculate payments at approx. 7%. This builds in a comfortable margin should rates rise.
The FCA however may permit lenders to work out maximum loans at a lower qualification rate thus allowing borrowers to borrow more funds. Given that house prices stand at record levels this may become a necessity to keep the market from stagnating.
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Here are a few reasons to choose Chess Mortgages.
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We’ve been advising clients on mortgages for over 40 years.
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No need to wait; we respond & process applications quickly.
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We scour UK lenders, private banks & offshore lenders for deals.
What you need to know...
Some lenders offer this to all classes of borrowers provided they meet the lenders minimum income criteria. Other lenders reserve this for selected occupations eg lawyers, accountants, vets etc
No – they all have their own calculators and the difference can be vast. We have software that works out maximum loans so we select the most suitable lender from outset
Yes – most lenders account for commitments that have more than 6 months to run and reduce the entitlement accordingly. Not all lenders deduct pension contribution
There are some lenders who do top-up mortgages but charge a higher rate. They lend from 75% to 95% behind a high street lender. The risk is shared and the “blended” rate can be better than borrowing the whole 95% at a higher rate
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