In this article, we look at how to get a mortgage based on 6 times your salary. We also identify factors that affect maximum borrowing and which lenders may be happy to loan at this higher rate.
Can you get a mortgage based on 6 times your salary?
Yes, it’s possible, but more difficult as providers view the loan as a higher risk. Additionally, the Bank of England currently caps the amount of mortgages that can be extended above a 4.5 multiplier to 15% of the total mortgages loaned.
The situations and circumstances where a lender will go above 4.5 times could be because:
- Your household income is high. Lenders who consider applications for higher multiple mortgages often like to see a sizable household income. For example, Teachers Building Society offer over 5x mortgages, but require a minimum income of £200,000.
- You work in a certain profession: Specific careers such as doctors and lawyers are seen as more favourable by some lenders, due to the progression opportunities and high incomes. Some lenders reserve higher income multiples for people in these jobs
- The lender uses other metrics to calculate final mortgage amounts. Some lenders assert that they do not have a maximum income multiple, but instead use their own affordability assessment to determine the maximum loan amount. For example, Norton Home Loans weighs up the income of a household against its expenditure to see how big a mortgage it can afford.
What about even higher income multiples?
Borrowing at a higher income multiple than six is rare. Just one mortgage company offer a mortgage based on a 7 times income multiple. However, the terms and conditions on this mortgage are very specific limiting the number of people who will be eligible.
High net worth mortgages are usually the only option and are suitable for those who have an annual net income of at least £300,000 or assets worth £3 million or more. High net worth agreements are more complex and often come with bespoke terms and conditions.
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Calculate how much you can borrow
If you think you are eligible for a higher loan multiple, it’s useful to see how much you can borrow. Our affordability calculator can help you do so by inputting your own income. It will display a calculation for six times salary, as well as 4.5 and 5 for comparison purposes.
Mortgage Affordability Calculator
Enter your total household income below and our calculator will do the rest
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
As a rough guide, this table gives an idea of what you could potentially borrow on a 6 times multiple with varying household incomes:
|Combined household income||4x salary||5x salary||5.5x salary||6x salary|
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How to borrow 6 times your salary
To maximise your chance of borrowing, we can help you find a mortgage broker who will be able to give you the best chance of getting your mortgage.
They will help with:
- Downloading and identifying any issues in your credit report. Your credit report will be something which lenders will look at, and a broker will help to identify any issues
- Work with you to understand your financial situation. Your broker will look at your income, and how you’re paid and see if there is anything else which will help your application. Especially if you’re applying with a joint income; everything will be assessed to understand your borrowing potential.
- Complete and submit your application. The last part will be where your broker will identify the most appropriate mortgage lender for your situation. They’ll complete all of the necessary application forms and submit them, ready for mortgage approval.
Other factors that affect maximum borrowing
There are numerous factors that will impact the likelihood of being able to borrow at the maximum income multiple.
- Outgoings: If you have a large number of outgoings, providers are less likely to go to 6 times your salary. You will be seen as a far higher risk of not sticking to your repayment schedule. School fees and car loans are prime examples of outgoings lenders will investigate as part of their affordability assessment.
- Profession: Many providers, who lend at higher multiples, will only do so to certain professions. Perhaps not surprisingly, those professions often earn a high annual salary – like doctors or engineers. Plus, while some determine the maximum amount extended on a bespoke affordability model, others will only lend to those in
- full-time employment,
- have particular types of contracts as a consultant/contractor
- draw self-employed income in specific ways
- Deposit: While the deposit amount will not directly affect your ability to borrow at 6 times, you may find that if your LTV is not good enough, you’ll have access to fewer lenders in general. That may mean you are forced to accept a product with a higher interest rate, so you may need to borrow less – lowering your income multiple.
- Credit History: As with a deposit, your credit history does not directly affect your borrowing limits, but it may reduce who you can borrow from. So, again, you may be forced to borrow less if the products that are subsequently available to you are too expensive.
Which lenders are available?
The following lenders offer these higher 6x multiple products:
- Kensington Mortgages
- Teachers Building Society
The following lenders stipulate that they do not have a maximum income multiple:
- Central Trust Limited
- Market Harborough Building Society
- Norton Home loans
- Newcastle Building Society
However, that does not mean that they can or will go to 6 or above. It simply means that they use another way to calculate the maximum amount they are willing to extend. In practice, therefore, that may equate to an income multiple even lower than the common 4 times earnings.
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Are there any downsides to using higher-income multiples?
While borrowing more may mean you can buy a bigger house, it does come with a number of disadvantages:.
- Higher interest rates: These products can come with a higher interest rate compared with a mortgage based on a lower income multiple. That makes the loan more doubly expensive as not only are you borrowing a larger amount, but you may be paying far more interest on it too.
- Affordability sensitivity: Just because you can borrow at a higher multiple, doesn’t mean you should. Your lender will likely conduct an affordability assessment to determine whether you can afford to repay a larger loan. However, that is largely determined by your current outgoings and expenditures – which could go up in the future.
Plus, with a higher amount borrowed, you are far more sensitive to any future increases in interest rates too, which might be something to bear in mind for those considered shorter-time fixed products or variable rate mortgages.
- No schemes: The majority of the time, if you need a higher multiple mortgage, you won’t be able to make use of any of the Help To Buy or government support schemes in the UK.
Get matched with a broker specialising in higher income multiple deals
As mortgages based on 6 times earnings are not common, using a broker who specialises in higher income multiples can be one of the best ways you can maximise your chances of being approved.
There are mortgage advisors in our network who can suggest the best provider for you as well as help you with every step of your application. Their invaluable knowledge can mean you can access the maximum mortgage amount you need, while keeping the repayments as low as possible.
Our free, no-obligation broker matching service puts you in touch with the best mortgage advisor for you, who can offer advice given your particular circumstances. Call us today on 0808 189 2301 or make an enquiry so we can put you in touch with an expert.
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