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Income multipliers or multiples
| The size of Mortgage that Lenders will offer will often be worked out by multiplying your income each year by a set figure. If you are the only person taking out the Mortgage, the usual maximum income multiple is three times your yearly income. So someone earning £15,000 could borrow three times this amount, or £45,000. If you are taking out a Mortgage with someone else, the multipliers MIGht be three times the main income plus one times the second income. Or it could be two-and-a-half times the two incomes added together. (Lenders may consider including all or part of any regular Bonuses or commission you receive as your income. |
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