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Mortgage Advisor & Director
Most mortgages are based on 4.5 times the borrower’s salary, but do you have options if you need to borrow 6 times your income? Read on to find out…
Can you get a mortgage based on 6 times your salary?
Yes, but only under rare circumstances and from a limited number of mortgage lenders. This is the highest income multiple available in the UK for the vast majority of borrowers, and it’s typically reserved for borrowers with high income or those in specific professions.
Most mortgage lenders will cap your maximum borrowing at 4.5 times your annual salary, but it may be possible to borrow up to 6 times income under the following circumstances:
- You have a loan-to-value (LTV) ratio lower than 80-85%
- You earn at least £50k-100k (combined on a joint mortgage)
- You work in prestigious field, such as medicine or law
Mortgages based on 6 times income are often arranged through mortgage brokers as, in some cases, only specialist lenders are well placed to offer them.
Calculate your maximum borrowing
You can use the calculator below to work out how much you can borrow based on 6 times your salary, and other income multiples for comparison purposes.
Now that you have run some calculations, you can take the next steps on your mortgage journey with us by selecting one of the options below:
Calculations all done? Here are your options now...
Criteria for six times income mortgages
Mortgages based on 6 times the borrower’s income are rare and the lenders that offer them tend to have their own specific criteria for these products. You will need a strong application to qualify for this salary multiple and may also have to meet the following requirements:
Profession
It is not uncommon for lenders who can offer 6 times income mortgages to reserve this income multiple for people in prestigious professions. These include the following fields:
- Medicine
- Law
- Emergency services
- Military
- Civil service
- Surveyors
- Architects
- Other key workers
Many 6 times salary mortgages available in the UK are exclusive to people in these professions, but there are exceptions where you can qualify for one in other lines of work.
Income
There are lenders who will only offer higher income multiples, such as 6 times salary, to borrowers with a certain amount of income, but the exact amount can vary. Some specify that you will need at least £50k per year, while with others it can reach up to £200k.
A few lenders also reserve 6 times income mortgages for their ‘Large Loans’ range, which includes mortgages starting at £500k, which you need relatively high income to qualify for.
LTV and deposit requirements
You will usually need more than the minimum 5-10% deposit to qualify for a 6 times salary mortgage as these deals are typically limited to borrowers with lower LTVs.
The exact requirements can, however, vary from one lender to another, but expect them to be anywhere between 60% and 85% LTV (or a 15-40% deposit requirement).
Other requirements
You will need a strong mortgage application to access lenders’ highest income multiple, so this means there should be minimal risk factors present, including:
- Bad credit
- Limited proof of income
- Being aged 75 or over during the mortgage term
- A non-standard construction property
If any of the above apply to you, it can be more difficult to access a mortgage of this size. Speak to a mortgage broker to find out what your options are.
How to get a 6 times salary mortgage
Filing a strong application and seeking expert advice are important for a mortgage of this size. We recommended taking the following steps to boost your chances of approval:
Save extra deposit: 6 times salary mortgages are often reserved for borrowers with lower LTVs, so saving extra deposit can increase the options available to you.
Optimise your credit reports: Stronger credit reports potentially means access to more lenders and rates. You can download your files for free on Checkmyfile to review them for outdated information and errors. Requesting to have these inaccuracies removed can strengthen your mortgage application.
Speak to a mortgage broker: Our brokers have deep relationships with lenders who offer 6 times salary. Not only can their contacts help get you approved, they often have access to exclusive deals for this income multiple - speak to a broker here.
Example calculations
The table below shows how much you can potentially borrow on a mortgage if you qualify for the six times income multiple. The results are based on different salary amounts.
|
Salary Amount |
Max Mortgage Based On x6 Income |
|
£20,000 |
£120,000 |
|
£150,000 |
|
|
£180,000 |
|
|
£35,000 |
£210,000 |
|
£240,000 |
|
|
£45,000 |
£270,000 |
|
£300,000 |
|
|
£55,000 |
£330,000 |
|
£360,000 |
|
|
£65,000 |
£390,000 |
|
£420,000 |
|
|
£75,000 |
£450,000 |
Which lenders offer this income multiple?
Below you will find examples of UK mortgage lenders who offer the 6 times salary multiple and the criteria they use for customers who want to borrow this amount:
|
Mortgage Lender |
Criteria For x6 Income Mortgages |
|
Reserved for ‘Young Professional’ range |
|
|
Exclusive to ‘Professional’ mortgage range and for borrowers with 80% LTV or less |
|
|
No specific criteria stated but x6 income borrowers subjected to extra checks |
|
|
Combined income must be equal to or more than £200,000 per year |
|
| Nationwide | Offer 6x salary mortgages to first-time buyers as part of its Helping Hand scheme. Possible to secure this income multiple with 5% deposit provided applicants have a combined income of £50k and are borrowing no more than £300,000 |
Why choose Teito for your mortgage needs?
Now that you have read up on six times salary mortgages, you can compare the rates for them for free and access support from a specialist broker on Teito.
Here are just some of the reasons our customers choose us for their mortgage needs:
- You can access the latest mortgage rates in seconds
- Our brokers can access exclusive deals
- We are 5-star rated on leading review websites
- You can secure a mortgage in principle in minutes
Ready to compare rates for free and take advantage of a free, no-obligation chat with a broker who specialises in 6 times salary mortgages? Get started here.
FAQs
Anything over 6 times salary is very rare. The only circumstances where you can usually get approved for a 7 times salary mortgage is if you qualify for high net worth exemption. For this, you will need annual net income of £300,000 or assets worth £3 million or more.
If you have high net worth exemption, the usual rules around mortgage affordability can be relaxed and providers can lend with greater flexibility on income multiples.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.