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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: 7th September 2020*

We’re often contacted by customers who are keen to find out what income multiple, including 5.5X, is possible for them to get a mortgage.

The answer largely depends on your personal circumstances and the lender’s criteria, but the good news is that specialist advice is available.

Jump to our calculator journey to establish what you can afford, the costs and which of the best deals you’ll qualify for.

In this article, you’ll learn whether you would qualify for a 5.5 times salary mortgage, how to get one, and where to go for the right advice.

We’ll cover the following:

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Can I get a mortgage that is 5.5 times my salary?

Yes, this could well be possible.

Only some lenders will offer a mortgage that’s 5.5 your salary and their decision will largely depend on your personal circumstances. It’s harder to get a mortgage for this amount, which is regarded by most lenders as an income multiple for wealthy borrowers, so it’s best to speak to a specialist broker who can advise you on what the eligibility criteria is, and which lenders may be willing to offer this amount.

You can either make an enquiry or give us a call and we’ll refer you to one of the experts we work with.

Mortgage calculator for 5.5 times salary

We’ve put together a handy calculator which will provide you with a rough idea of how much you could borrow. You only need to enter a few basic details to get going, and once you have your estimate, it could provide you with a better idea with regards to your property budget.

Affordability Range (5x)

Once you’ve got your estimate, make an enquiry. The experts we work with can review your circumstances and find lenders using their whole-of-market access. We don’t charge a fee and there’s no obligation to make a purchase.

How much do I need to earn to get 5.5 times salary mortgage?

This will vary according to the criteria of each lender. A broker can look at your personal circumstances and say whether you qualify for a 5.5x mortgage and which lender would be right for you.

As a rough guide, wealthy borrowers, for whom 5.5x salary mortgages are largely aimed at are those who earn an annual salary of £100k+, however, there are some lenders that may accept as low an annual income as £35,000 – if you are just entering a career on their list of approved professions (such as doctors, accountants, solicitors where your income would be expected to significantly increase), have additional income or savings or have a significant deposit.

Every personal circumstance is different and lenders will be considering other factors too, explained in the eligibility section below.

How can I get a 5.5x salary mortgage?

If you’re wondering which mortgage lenders offer a 5.5 times salary, providing a definitive list of them is difficult. Every mortgage lender is different and makes decisions based on their own criteria.

One of the variables lenders look at is your salary and monthly spending. This may include your benefits and other sources of income as well as bills, any debt repayments you have and general living costs such as food and travel. If you have children your monthly spend may be higher,

The best way to find out if you’re eligible is to speak to a whole of market broker as they can give you independent advice on which lender could best suit you, how much you’ll need to be earning, and how to make the application.

Contact us and we’ll put you in touch with one of the professional brokers we work with.

Why do I need a whole-of-market broker?

A whole-of-market broker is not linked to a specific lender which means they have access to more options from more lenders, making it easier to find the right mortgage for you.

Alternatively, ‘tied’ or ‘multi-tied’ brokers can only offer advice on specific lenders, income types, niches (such as bad credit) and mortgage products.

To speak to a whole of market broker, get in touch with us and we can connect you with the expert brokers we work with.

What is the maximum loan I can take out?

Maximum loan amounts differ between lenders according to their own criteria. How they are calculated also varies from lender to lender but it largely depends on various factors including:

  • Your employment type – whether you’re self-employed or employed
  • Your income – this is typically based on your basic income, though additional income may be considered by some lenders

Lenders also take the loan to value (LTV) ratio into consideration, which refers to how much you want to borrow in relation to the value of the property. They will set an upper LTV limit for what the highest mortgage loan they would except though it doesn’t mean you’ll be eligible for it.

How much you’re offered is dependent on your circumstances. Most UK lenders will expect a minimum deposit of 10% for a residential property, although some will be happy with just 5% under the right circumstances.

Can I borrow 5.5 times my salary on a solo mortgage?

Every lender has a different policy when it comes to the best mortgage they can offer you.

The best way to find out if you are eligible for a 5.5 times salary mortgage, or what amount you could be considered for is to speak to one of the expert advisors. We can put you in touch with them to answer any questions you have to find the right solution for you.

Can I get a mortgage based on 5.5 times joint income?

Generally speaking, if you’re sharing a mortgage with someone else you should be able to take out a larger mortgage, including a mortgage based on 5.5 times joint salary. As this is a higher rate mortgage you will both need to prove you can afford the repayments and have the required deposit.

Bear in mind that if one person in the partnership is unable to keep up with repayments, the other person may be responsible.

The best way to know if a joint mortgage is right for you is to speak to an expert like the ones we work who have vast experience in this area. Find out more about joint mortgages and what’s involved.

What other factors affect my eligibility for a 5.5 times salary mortgage?

Obtaining a mortgage will likely depend on the factors we’ve already discussed in this article, such as your income, outgoings and the amount of deposit you have.

However, the following variables could also have an impact on the decision lenders make about you:

  • Your credit rating: Having bad credit on your file could mean you’re offered unfavourable rates, a lower income multiple or that you’re turned away together. However, there are specialist lenders who cater for bad credit customers. Read more about getting a mortgage with bad credit.
  • Your age: Some lenders might be wary of offering you a higher income multiple (such as 5.5 times your salary) if you’re retired. In fact, some lenders won’t lend to anyone over 75, others over 85, and a minority will lend with no upper age limit under the right circumstances.
  • The property type: A specialist lender might be needed if you’re buying a unique property, as some providers will be reluctant to offer a higher income multiple if the building has non-standard construction. Read more on non-standard construction mortgages.

Borrowing more than 5.5x salary for a mortgage

Some lenders, under the right circumstances, may offer a ‘supersize mortgage’ 6 or more times your salary however these higher mortgages are aimed at professionals such as established accountants and doctors and less so at those that are just starting in their profession.

If you’re not in one of these professions it may still be possible to obtain a higher rate mortgage if you have additional funds, or a large deposit – your broker can advise. If you have a secured loan you may be able to apply for a 10x salary mortgage.

Or, a lender may advise you that a lower mortgage than what you want is better for you. Read about how to qualify for a 3x salary mortgage here and 4 and 4.5x salary mortgages. We also have more information about 6x salary mortgages here and 7x salary.

Where can I get advice about 5.5x salary mortgages?

If you have questions about 5.5 x salary mortgage and want to speak to an expert for the right advice, call us today on 0808 189 2301 or make an enquiry.

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: 7th September 2020
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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 info 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.