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6 Times Salary Mortgages

Is it possible to get a mortgage based on six times my salary in 2019? Get the right advice here.

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By Pete Mugleston   Mortgage Advisor

Last updated: 14th May 2019 *

We often hear from customers who are looking to borrow higher salary multiples than most mortgage lenders will typically offer, some of whom want to know whether it would be possible to get a home loan based on up to six times their annual income, and how to get that amount.

We’ve put together this comprehensive guide to six times salary mortgages, and you’ll find the following topics covered below…

For in-depth information about mortgage affordability, check out our guide here.

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Can I get a mortgage for 6 times my salary?

We’re often asked this question, and  it’s a tough one to answer.

Mortgage income multiples above 4x become increasingly more difficult to secure, and 6 times is really pushing the limits of what most lenders will consider.

But some still do. If you’d like a little help - get in touch. The expert advisors we work with can access the entire market, and, if there’s a 6x salary mortgage out there for you, they’ll help you to find it.

What do I need to get a 6 times income mortgage?

As we mentioned earlier, mortgages for 6 times salary are relatively scarce, but not unheard of.

The main reason that they are rare because they’re seen as higher risk by lenders, most of which prefer to set an upper limit at 4-4.5x your income.

There are also regulations by the Bank of England which limit lenders to no more than 15% of their mortgages at 4.5 or higher.

As such, some lenders reserve 6x mortgages for people working in certain professions - such as doctors, lawyers and engineers.

if you’re a contractor, a track record of consistent renewed contracts will work in your favour.  Having a guarantor can also increase your odds of getting an offer, whereas dependents can reduce it.

Mortgages for 6 times income are also available for people looking to remortgage.

Are the rules different for joint applications?

A little. Making a joint application means that you’ll be able to borrow more than you would on your own, as the lender will take both incomes into account.

For example, if both you and your partner earned £25k a year, the maximum would be £50,000 x 6 = £300,000.

Some lenders will allow more up to four people to apply. This allows you and your co-signatories to work together but can prove difficult if one or more of the people no longer has the means to pay, or wants to sell up. You’ll also have to consider how the bills need to be split.

The fees on a joint mortgage are about the same as they would be for a ‘single’ mortgage  - regardless of the number of applicants.

How your eligibility is calculated

Every lender will calculate your eligibility a little differently, but most of them consider a range of similar factors, which you can read about below

How you make an income

A lender’s estimation of your creditworthiness will depend on whether you’re employed, self-employed, running your own business through a limited company or some combination of the three.

If your income is variable, or partly bonus based, this can also complicate things.

Your personal credit

The better your credit, the less of a risk you’ll appear to be. Arrears, CCJs and defaults will pose something of a barrier, a recent bankruptcy more so.

Bad credit is an entire subject in itself, so if you’re interested in learning more about getting a mortgage with bad credit, take a look at our guide to bad credit mortgages here.

Your LTV / the size of your deposit

The more you borrow, the bigger the risk. If you can put down a larger deposit, you’re much more likely to get the offer. Read more about this here.

Can I get a mortgage for more than six times my income?

For UK mortgage lenders, 6 times salary mortgages are the absolute limit. That said, there may be other options if you need to borrow more, including secured loans and other products. You can read more about the possible alternatives here.

Can I get a mortgage for less than six times my income?

Possibly. Most mortgages providers will cap their lending at 4.5 times your income, though some might lend less than that, and as we’ve discussed throughout this article, others stretch to more.

If you’d like to know more, take a look at our guides below:

What should I know before applying for a 6x salary mortgage?

There is, of course, a cautionary note on any article about getting a mortgage to borrow 6 times your salary. You’re less likely to get a competitive rate, simply because there are far fewer 6x multiple mortgages out there

As such, you could end up paying a lot more in repayments over time. Borrowing as much as you can could put a strain your finances.

As someone once said, just because you can, doesn’t mean you should. Speak to one of the whole-of-market experts we work with to get a clearer idea of what this income multiple might cost you in the long run.

What mortgage lenders offer 6 times salary?

At the time of writing, the list of 6x salary mortgage lenders is very small. These include Hodge Lifetime and Kensington Mortgages.

Other lenders including Norton Homeloans, Together and Family Building Society are known to be flexible with salary income caps, but seeking specialist advice is the best way to find the right provider for you, and this is doubly important if you’re borrowing as much as x6 your salary.

Through a whole-of-market broker is the best way to approach these lenders, as they may be able to negotiate a more favourable deal for you, or have access to a niche mortgage provider that is a better fit for your needs and circumstances than those name-dropped above.

The advisors we work with have access to every x6 salary mortgage lender on the market and can pair you with the provider best positioned to offer you favourable rates on a mortgage of this size.

Speak to a six times salary mortgage expert today

If you have questions about 6 times salary mortgages and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0800 304 7880 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: 14th May 2019
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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 affordability and mortgages

Mortgage Affordability