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Income Multiplier

Income multipliers are used by mortgage and loan lenders to determine the amount that they are prepared to lend you. The most common multipliers used are 3.5 times a single income or 2.75 times joint incomes. More generous multipliers are available exclusively from RightPrice4U and some of our high income multiplier schemes will allow for up to 7.5 times your income and our lenders may even be more flexible if the Loan to Value is relatively low.           

Interest Only Mortgages

An Interest only mortgage means that during the term of the mortgage you will only be paying the interest charged on the money that you have borrowed. In addition, you must ensure that you have a repayment vehicle to pay beck the capital borrowed. There are many options for doing so that includes an endowment policy, ISA, Pension or other savings based methods and most of them include life assurance cover to pay off the monies borrowed in the event of your death.
These types of mortgages were designed to allow you to have a reduced monthly payment, but they do not guarantee the repayment of the capital borrowed.
However, some current endowment policy holders are being notified that the final invested amount is unlikely to cover the final balance of their mortgage.        

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