Mortgage "Multples" from Earnings
Aug 17th 2005 | 2:01 am
#1
Thread Starter
Just Joined
Joined: Jul 2005
Posts: 11
From: Ancaster / ex Glasgow
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
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
Aug 17th 2005 | 3:04 am
#2
Part Time Poster
Joined: Jan 2004
Posts: 4,219
From: Worcestershire
Re: Mortgage "Multples" from Earnings
I found that they would tend to recomend between 3 and 4 times income as a rule..
Aug 17th 2005 | 3:07 am
#3
Joined: Apr 2005
Posts: 9,606
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 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
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.
