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-   -   Mortgage "Multples" from Earnings (https://britishexpats.com/forum/canada-56/mortgage-multples-earnings-320575/)

pollyw Aug 17th 2005 2:01 am
Mortgage "Multples" from Earnings
 
Do any of you guys know what the Canadian lenders would give on say $40k CAD...?

I have just talked to a GTA bank manager and she said that I should expect around $110k CAD from my $40k CAD earnings.

Is this the norm?

Paul, Glasgow

MikeUK Aug 17th 2005 3:04 am
Re: Mortgage "Multples" from Earnings
 
I found that they would tend to recomend between 3 and 4 times income as a rule..

Souvenir Aug 17th 2005 3:07 am
Re: Mortgage "Multples" from Earnings
 
Originally Posted by pollyw
Do any of you guys know what the Canadian lenders would give on say $40k CAD...?

I have just talked to a GTA bank manager and she said that I should expect around $110k CAD from my $40k CAD earnings.

Is this the norm?

Paul, Glasgow
I'd say that sounds about right. You've been quoted 2.75 times income.

When we took out a new mortgage last year (through a broker) the maximum amount we were told we would be able to borrow came out to the same multiplier.

I suspect you could get more if you were able to make a large downpayment. Everything is negotiable.


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