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How To Get a Mortgage 7 Times You’re Salary

With very few lenders offering mortgages at 7 times your income it's important to find the right one. Get access to the right lenders and the best rates with a specialist broker

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: May 23, 2022

It can be extremely difficult to get a mortgage based on more than six times your annual salary, but with the right advice, it’s no longer impossible.

There are ways and means to get a mortgage based on seven times your income, and in this guide, you’ll learn how it can be done, what criteria you’ll need to meet, and what alternatives you could potentially consider.

Can you get a mortgage based on 7 times your salary?

Yes. This is now possible, but your choice of mortgage lenders will be very limited. Unless you’re classed as a high net worth individual, there is only one UK mortgage company currently offering mortgages based on seven times the borrower’s salary.

The mortgages are ‘fixed-for-life’ deals which allow customers to borrow the higher income multiple and lock their monthly payments in at the same amount for up to 40 years.

To qualify for these 7 times income mortgages, borrowers must meet the following criteria…

  • Work in an approved profession, including NHS, firefighting, police or teaching
  • Earn at least £25,000 per year
  • Have at least 10% deposit

The requirement to work in a specific profession does not apply if the borrower has an annual salary of £75,000 or more. For joint mortgage applications, only one of the borrowers will qualify for the seven times salary multiple, while the other’s income will be multiplied by five.

At the time of writing (January 2022), the interest rate on these seven times income mortgages starts at 2.99%, but it’s common for rates to change on a regular basis.

If you need to borrow more than six times your annual income, be sure to seek professional advice before attempting to track down this deal. There are other ways to borrow seven times your income and the right mortgage broker can help you choose the most cost-effective option.

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High net worth mortgage exemption

There’s another way to get a seven times salary mortgage, but this only applies to people who are classed as high net worth individuals. To qualify for high net worth mortgage exemption, you must meet at least one of the below must apply to you…

  • Have an annual net income of £300,000
  • Holds assets worth £3 million or more

If you meet the high net worth criteria, there are mortgage lenders who will consider offering you a bespoke deal outside of standard lending criteria. This includes borrowing seven times your salary, or an even higher income multiple than this, as well as high loan amounts.

Borrowers who qualify for high net worth mortgage exemption because of wealth tied up in their assets can apply for a specialist type of mortgage called an asset-backed mortgage. This allows you to secure the debt against a valuable asset, such as a stocks and shares portfolio.

High net worth mortgages are usually offered by private mortgage lenders who you won’t find through a Google search. Luckily there are mortgage brokers who specialise in arranging seven times income mortgages through these lenders, and they can make sure you get the best deal.

Potential alternatives to consider

High net worth mortgages and the recently-launched ‘fixed-for-life’ product aren’t the only ways to borrow more than six times your annual salary.

Here are some possible alternatives you could consider…

Secured loans

The most common way of funding if a 7x salary mortgage is required is to use a secured loan as collateral.

“secured” loan, also known as a second charge, means that a lender will use something that you own as security in case you are unable to repay the loan. In most cases, this will be your home, but it could be another high-value asset such as a car.

With secured loans, many providers are willing to lend up to 10x your salary (some even more), and interest rates tend to be higher.

Bear in mind that for the buyer they pose a much higher risk, and you could have your home repossessed if you fail to keep up with the repayments.

Joint mortgages

Another consideration if you need to borrow a higher amount is to take out a mortgage with another person.

With joint mortgages, many providers allow you to borrow a multiple of the highest earner’s income, plus the income of the second applicant. As a single applicant on £35,000 a year, for example, a mortgage of £245,000 (7 x salary), would be unachievable alone.

However, if you were to apply with a partner who earns £32,000 a year, you’re a lot closer to achieving your goal. A lender may offer 5 x £35,000 (£175,000), plus the second income (£32,000), meaning you could potentially borrow up to £207,000.

Alternatively, lenders may offer a slightly lower multiple based on the combined total of both incomes. So, 4 x £35,000 + £32,000 = £268,000.

Of course, these figures and income multiples are for demonstrative purposes only, and the rates you’re offered will be subject to further affordability assessments, as well as taking your individual situation into account.

Remortgaging

This is obviously only an option if you already own a property. But if you’re looking to buy a second home or invest in a buy-to-let and need a 7 x salary mortgage, remortgaging your home is a common way to raise extra capital to boost the amount of deposit you can put towards a second property.

There are a number of different factors that will impact how much you are able to borrow, including how much equity you own in your current home, plus the usual factors such as affordability, credit history, and other individual circumstances.

Equity release

In a similar vein, equity release in the form of a lifetime mortgage could be an option for older applicants looking to raise funds for a second home.

While age can count against you when it comes to getting a mortgage, if you’re over the age of 55 and own all, or most of, your own home, you may be eligible to release some of the equity to put towards a deposit for another property. Equity release can be an expensive option, so it’s important to know the associated risks before you proceed.

Visit our later life lending section to find out more.

Other factors that affect your eligibility

Unless you qualify for high net worth mortgage exemption, your chances of qualifying for a mortgage based on seven times your income or borrowing this amount through other means will come down to how closely you fit the lender’s eligibility critera.

The lender will assess this based on the following factors…

You can read more about mortgage eligibility in our complete guide to mortgage applications.

Getting a buy-to-let mortgage based on seven times your salary

It’s possible to borrow large amounts on a buy-to-let mortgage, but this type of mortgage is not based on your personal income.

The amount you can borrow on a buy-to-let mortgage will be determined by the projected rental income the property can generate. Most mortgage lenders will consider approving your application – subject to you satisfying the rest of their eligibility criteria – if the rental income is forecast to cover the mortgage payments by at least 125%.

You can read more about this topic in our complete guide to buy-to-let mortgages.

Get matched with a broker who specialises in 7 times salary mortgages

There are only a few ways to secure a mortgage based on seven times your wages and a limited number of alternatives to consider, but the good news is that we work with brokers who specialise in helping people borrow this amount and can introduce you to one of them for free.

The right mortgage advisor will have the knowledge, experience and lender contacts to boost your chances of being approved for a mortgage based on seven times your income. They have access to every lender offering mortgages of this amount, including private mortgage providers who don’t deal with the public directly.

Call us on 0808 189 2301 or make an enquiry and we’ll set up a free, no-obligation chat between you and a broker who specialises in seven times income mortgages today.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the 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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