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By Pete Mugleston | Mortgage Advisor

Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 19th March 2021*

While some affordability lenders decline based on factors like credit issues, the good news is you do have options, provided you speak to a qualified affordability expert who will direct you to just the right lender for your needs.

That’s where we the expert advisors we work with come in. And that’s where they can help you.

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Is a mortgage 3 times your salary?

Not necessarily. Most UK mortgage providers cap their lending based on a multiple of your salary, but they take other factors into account when calculating your affordability.

Most lenders offer eligible borrowers mortgages based on 3-4.5 times their income, but others go higher than this, under the right circumstances.

You can read more about this in our guide to income multiples.

Can I get a mortgage based on three times my salary?

Yes, this is certainly possible – most UK lenders offer this salary multiple, provided you meet certain conditions. Basically, lenders check your income and expenditure factors, like debt, LTV, property value, credit history and your lifestyle and age.

If you have multiple issues, fewer lender accept you, and those who do may charge higher interest rates, but this doesn’t make the situation impossible. The experts we work with have help borrowers in all kinds of unique circumstances obtain mortgages based on x3 their income.

Mortgage Calculator for 3 times salary

To work out how much you could roughly borrow, use our 3 times income affordability calculator below. You only need to enter a few basic details to get an estimate, and it could act as a great starting point to see what properties could be in your price range.

Affordability Range (3x)

Make a note of the estimates provided in our calculator, then make an enquiry. We’ll match you with an expert who will be able to find mortgages that fit your price range and preferences.

How much deposit do I need for a 3 times income mortgage?

It’s not enough to simply want a mortgage 3 times your income, lenders also assess the value of your property. That’s called loan-to-value (LTV) ratio, which refers to the percentage of the mortgage in relation to that property’s value. Say, you put down a deposit of £50,000 for a home worth £200,000, and are looking for a mortgage 3 times that much(namely £150,000), that would be 75% of the home’s value, or 75% of its LTV.

Mortgage providers lend anywhere from under 80% (low LTV) to 100% (only under exceptional circumstances), with the amount you receive depending on factors like your kind of loan, income, expenses and credit score. For high LTV, you typically need a good credit rating to assure lenders you’ll repay those instalments, although the advisors we work with have access to specialist lenders who offer favourable deals to bad credit customers every day.

What mortgage can I afford to get?

Say, you earn £40K and want a mortgage three times that much totalling £120k, most lenders will be happy to help you out, subject to a thorough eligibility assessment.

They’ll look into factors that include your debts, credit history and outgoings. Since their prime concern is timely repayment. Lenders also consider external factors, like your age, family size, history of repayment and, more recently, discretionary spending.

They will expect you to prove your income with bank statements, most recent pay slips, tax forms, and the like.

Can I get a 3x salary mortgage with credit issues?

Each lender is different in what they do and don’t accept. In the most extreme cases, some will reject applicants with credit issues, while most lenders may also consider other factors and may offer you a loan at a higher interest rate.

Results really depend on the lenders’ perceptions of how likely you are to repay your loan and on time, as well as variables such as the size of your deposit.

Then again, if you only need to borrow x3 your salary, the lender might be more willing to overlook certain types of bad credit, as this is considered a low income multiple

For more information, see our bad credit mortgages section. You may also want to make an enquiry to speak with the expert with work with for specialist advice.

Can I get a mortgage on a unique property?

Examples of unique, or non-standard, properties include anything with a thatched roof, concrete walls or a timber frame. Remember the LTV? Well, if you’re looking for a mortgage 3 times your income on some such non-standard property, the LTV ratio will likely be rather high, since such properties tend to be liabilities. Most lenders refuse to service such property.

For more information, check out our section on non-standard construction mortgages.

Can I get a mortgage 3 times my income into retirement / later life?

Some mortgage providers won’t lend to anyone over 75 years of age, other over 85 and a minority will lend to pensioners of any age, as long as they’re confident the mortgage is serviceable.

So, even if you fall within the right age range, you may still find yourself saddled with a limited repayment term. That’s because lenders expect your income to decrease as you get older (retirement or redundancy) and fear you’ll default on term repayment.

That said, the advisors we work with know providers with flexible mortgage terms and with no capped age.

Miscellaneous situations

The previous section was on getting a mortgage three times your salary in usual situations. At times, you may find yourself wanting a mortgage 3 times your salary under unique circumstances. Some of these are:

  • Buy-to-let mortgages – Example: you’re a landlord looking for a mortgage at least 3 times your income to buy and renovate the property to rent. Such loans have their own complexities as most BTL mortgages are assessed based on the projected rental income.
  • Second mortgagesLenders check details like your credit history, outgoings and income to assess whether you’re able to afford the loan, not only for this second property, but for your first home, too.
  • Self-employedIf you’re looking for a self-employed mortgage or you work as a freelancer, a specialist lender may be required. Self-employed individuals, who have been working for less than three years and show fluctuating income, may have a harder time securing a mortgage, since lenders want to know you’ll repay them. But the good news is that there are lenders who specialise in self-employed customers. Make an enquiry and we’ll refer you to the right broker.

Why you should speak to a specialist broker if you’re looking for a x3 salary mortgage

Here’s why you should speak to one of our expert affordability brokers. Online Mortgage Advisor offers a 5-star service with access to expert brokers who:

  • Are fully qualified
  • Are whole of market
  • Already know the lenders to go to for x3 salary mortgages as they successfully arrange these deal already.
  • Are OMA Accredited

Speak to a mortgage affordability expert

Speak to an affordability expert if you have questions about affordability and crave the right advice. Call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry here.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. We don’t charge a fee, and there’s absolutely no obligation or marks on your credit rating.

Updated: 19th March 2021
OnlineMortgageAdvisor 2021 ©

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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