Mortgage

[Greedyfly]

I have been looking into getting a mortgage and buying a house and have een told that there is a bank or building society that offers 5 times your wage?! They can't remember who - does anyone know of this?

Thanks

[Spartacus84]

Sure do.

I went through the process of applying through the Manchester Building Society on a Professional Scheme.
They acknowledge that you are...a professional, and see that you have a potentially bright future. Only certain careers and professions are accepted though.

[Ethel]

Northern Rock do.

But be aware that interest rates are likely to raise again this month - is this the start of high interest rates?

[eillek]

hsbc used to dont know if they still do though

[Tim123]

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*BEWARE*
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Finding someone to lend you money is the easy bit, it's paying it back that will kill you. Ther are reasons why most lenders won't offer you five times your wage.

[Postdog]

My bank http://if.com/ used to offer a sort of lifetime mortgage, in that you weren't limited to the normal 25 year term but could stretch it over 30 or more providing you were of normal working age. More expensive in one sense, but they also offer flexibility allowing you to overpay, so in theory, you weren't tied to long term interest payments.

I don't know if they still do though, but I've included the link so you can check them out out, and as a bank and a lender, I would reccommend them. The virgin one account http://www.oneaccount.com/onev3/index.html is a similar type, tho I have no experience of them.

[Miss-taken]

I've got a 40 year fixed rate mortgage with the Halifax - they've effectively loaned me nearly 5 times my salary. I personally don't think this is a big issue - especially as my mortgage repayments are only �20 a month more the rent I've been paying for the past 4 years!