What the highest multiple of salary that anyone was lent?

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Gordanus

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Just saw iin the Affordable Housing thread that someone was lent (or maybe just borrowed! :) ) X 5.5 their salary.
I was offered 4.25 X my salary.
Just wondering what the highest multiple anyone borrowed and how did they manage repayments.
 
I have heard cases of 8 or 10.

These are just one-offs. My cousin borrowed 10*salary, but probably had a guarantor.
 
i rented out a few rooms under the rent a room scheme so it was not so bad in the end
 
I got 6 times with no guarantor - 100% professional mortgage 100% with IIB, repayment made from the start
 
I got 8 times my salary with Ulster Bank with no guarantor, but I wasn't a FTB and had possibly built up a credit history with my branch.
 
Those sound like terrifying multiples to me. The OH and I are on good salaries, and our new mortgage will be 4.5 times joint income - and that's going to mean cheaper holidays and being a bit more careful generally. The bank would happily have lent us 5 times joint, but that would have made repayments higher than we were comfortable with - and that's on a 30 year mortgage.

How have people with the much higher multiples got on? Is it a serious struggle?
 
we borrowed 3.8 times joint basic (not including profit share or bonuses) and this caused me sleepless nights at the time...
 
bazermc said:
I got 6 times with no guarantor - 100% professional mortgage 100% with IIB, repayment made from the start
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Do IIB do 100%. We are getting 92% and there was no mention of 100% at any stage and we are both professional??. Strange that one, maybe the fact that we didn't ask for 100% was why...it doesn't mention 100% on their website either???:confused:
 
Headachecity said:
Do IIB do 100%. We are getting 92% and there was no mention of 100% at any stage and we are both professional??. Strange that one, maybe the fact that we didn't ask for 100% was why...it doesn't mention 100% on their website either???:confused:
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They sure do - its a mortgage package for members of the ACCA that is q accountants, also get .25pc off the interest rate for the first year and priority service
 
bazermc said:
They sure do - its a mortgage package for members of the ACCA that is q accountants, also get .25pc off the interest rate for the first year and priority service
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Strange one that, must ask my broker coz I am a qualified chartered accountant for 3 years now and husband is in IT. We specifically went for 92% coz we had alot of savings and the repayments on top of the financial outgoings for 2 children are very manageable, we can still go away twice a year and have decent cars. SIL has 100% mortgage and she isn't a professional and her life is so crap now, constantly broke. Banks seems to be responsible for reckless lending!. Giving €310k to someone on €25k per annum who never pays her cc off!!. It just gets more mysterious the whole thing!
 
Calina said:
I disagree. There is also the option of renting which is less of a struggle.
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Well, I got 10 times my salary when I bought. I was 24 and my Dad went guarantor. I took it over 40 years to make the repayments low for the beginning (I knew I'd be killed with interest!) and I rented a room to a mate. Repayments were €800pm to begin with and that was cut in half while I rented the other room. So I was paying around €400. Basically like renting :)

Made it really easy to be honest. But that was 2 years ago.
 
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