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Can I Get a Mortgage for 5 Times My Income?

Are there mortgage lenders who cap their loans at x5 salary? Find out here.

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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: 6th May 2020 *

We’re frequently approached by borrowers who’ve come across many lenders who are wary of lending anything above 4-4.5x.

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

This article is about 5 times income mortgages - what they are, where to find them, and what it takes to get one.

Read on or jump ahead to the information you're looking for:

Trying to get a mortgage for 5 times salary, or need a little advice? Call 0808 189 2301 or make an enquiry for a free, no obligation chat and we’ll introduce you to one of the expert advisors we work with.

The mortgage experts we work with will be happy to answer your questions and use their whole-of-market reach to find a mortgage solution that’s right for you. 

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What do I need to know about getting a 5 x income mortgage?

Many mortgage lenders will cap lending at 4-4.5 times income. They do this for two key reasons - firstly, the Bank of England sets restrictions to prevent mortgage providers from holding more than 15% of their mortgages at 4.5x or higher. Secondly, loans at higher income multiples are riskier and risk is something that the majority of lenders try to avoid.

The income multiple offered in a mortgages is typically between 4-6 times your annual salary. Most providers draw the line at 4.5x income, some go up to x5 and a few to x6.

Mortgage calculator for 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)

Any online mortgage calculator can only ever provide you with a rough guide to what you might expect from a mortgage. Once you’ve got your estimate, make an enquiry for a free, no obligation chat and we’ll connect you with one of the experts we work with. 

They will be able to answer any questions you have, review all your circumstances and find the right mortgage for you using their whole-of-market access. We don’t charge a fee and there’s no obligation to make a purchase.

What if it’s joint income?

The idea of a combined salary is simple enough. Say you make £40k a year, and your partner makes £40k a year, a lender would take your joint salary of £80k to make you an offer of £400,000. In theory, this is straightforward enough.

However, getting a joint mortgage isn’t always the best course of action, even if you’re on a combined salary. This is because the individual profiles of each applicant are also taken into account.

For example, if you have stellar credit and are eligible for a favourable deal on your own, but your partner has a recent history of bad credit or visa issues, you’re not likely to get a good offer from a lender, since your partner’s ‘negatives’ will outweigh your ‘positives’. 

As a result, it can sometimes be harder to get a mortgage for 5 times your joint salary unless both of you have excellent credit. You may get a lower income multiple (such as an offer for 3x or 4x your joint salary). And, contrary to popular belief, you don’t have to get a joint mortgage if you’re married.

Can I get a mortgage for 5 times salary?

Whether you will be successful in securing a mortgage at this level of borrowing will mostly depend on your personal circumstances and the property you’re trying to buy.

The factors which will determine whether a lender will make you the offer or not include:

  • The size of your deposit - The more money you can put down the better
  • Your income and employment - Most lenders prefer customers on large PAYE salaries. If you earn money through self-employment, variable income such as bonuses, or draw dividends from your company - a lender will lump you in as ‘non-standard’ and things may become difficult
  • Your affordability - Once your committed expenditure has been taken into account, the amount the lender is willing to offer could be much less
  • Your credit score - A history of bad credit can seriously reduce the number of lenders willing to offer you a mortgage at 5x salary. You may need the help of a broker
  • The property type - The construction of the property will also help to determine whether a lender will make you an offer

Speak to a mortgage expert today

If you have questions about 5x earnings mortgages or are simply looking for more information about whether you could get one, call 0808 189 2301 or make an enquiry and we'll connect you to one of the expert brokers we work with.

They will be able to give you advice based on your specific circumstances and use their whole-of-market reach to help you find the right mortgage at the best available rates.

Updated: 6th May 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.

Find out more about mortgage affordability

Mortgage Affordability