shared equity mortgages

[jim_ps99]

Do you know of any mortgage lenders which look at how much you can afford to repay each month instead of income multiples to work out how much you can borrow?

[Mrs_Pegasus]

You can try here for shared equity mortgages

http://www.cheapmortgages.com/mortgages/shared-equity.htm

It was easy enough to find by doing a quick google search but the title of your question doesnt reflect the actual question you asked.

I think you are talking about self-certified mortgages where if you put down a minimum of 25% you dont have to prove your income.

The reason lenders will only lend x amount using the income multiplier is to protect the borrower from over commitment and leaving some room for interest rises and basic rise in living costs.

[vicars]

Quite a few lenders use systems that look at affordability but in relation to your credit score as well (i.e. things such as marital status, paying off existing loans and credit conduct). Generally speaking they do not go much beyond 4.2 times your income. If you need a shared equity mortgage as well then I would give Halifax a go or Northern Rock, Abbey and Nationwide. All use a variable way of determining how much they will lend based on what I said above. I could help further if I had details of what you need, your income etc. If you want to post these on this thread I will check back for the rest of the week. Best wishes.