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Mortgage affordability in the UK is based on income multiples, but how difficult is it to get a 5.5 times income mortgage? Read on to find out.
Can you get a mortgage based on 5.5 times your salary?
Yes, but it can be somewhat difficult as most mortgage lenders in the UK offer mortgages of no higher than 4.5 times the applicants’ household income. A few stretch to 5 times salary but any higher than that and the number of approachable providers is limited.
That, however, isn’t to say it is impossible. There may be more stringent criteria to meet, but with a broker on your side, you will stand a chance of getting a 5.5 times salary mortgage.
How do 5.5 times income mortgages work?
You will need to find a lender willing to offer a mortgage based on this income multiple and meet the criteria they specific for 5.5 times income lending (see below for details on this).
If you qualify for a 5.5 times salary mortgage, the lender will add up the combined annual income of each mortgage applicant, deduct any fixed outgoings and multiply the total by 5.5. This will give them a ballpark figure to base your maximum borrowing on.
Not all outgoings will impact the amount you can borrow, but you should declare expenses such as council tax, utility bills, broadband, credit cards, car payments, and childcare costs.
Finally, you can potentially stretch your affordability if you have any supplemental income, such as benefits, investments or freelance earnings. Some lenders will let you declare this and add it to your annual salary before multiplying the total by 5.5.
Criteria for this income multiple
You will likely need a strong application to qualify for a 5.5 times salary mortgage as the criteria around deposit amounts and income can be more stringent.
The approval factors you will need to meet for this income multiple is as follows:
- Income: The combined income being declared for the mortgage will need to be around £60k or higher to qualify for the 5.5 income multiple.
- Deposit requirements: Some lenders will expect the loan-to-value (LTV) ratio to be around 85% (15% deposit) or lower for higher income multiple loans.
- Profession: There are lenders who reserve the 5.5 times salary multiple for borrowers in prestigious professions, such as medicine and law.
- Other factors: Risk factors such as having bad credit, being over 75 during the mortgage term and buying a non-standard property can indirectly stop you from accessing the 5.5 times income multiple by limiting the deals you qualify for.
If you are confident you will qualify for the income multiple you are looking for, you can source your own mortgage below. If you are unsure, choose the ‘Speak to an adviser’ option and one of our mortgage brokers will go through your application with you.
Calculate your mortgage affordability
You can use our calculator below to get an idea of how much you can borrow based on a range of different income multiples. Enter your salary below to get started.
The above is merely a ballpark estimate of how much you could borrow. Speak to a broker for bespoke calculations with outgoings and supplemental income factored in.
How to get a 5.5 times salary mortgage
Follow the steps below to get your mortgage application off on the right track:
Save extra deposit (if possible): Putting down extra deposit to lower the LTV ratio could be the difference between securing 5.5 times salary and a lower multiple.
Improve your credit position: You can download your credit files for free on Checkmyfile. Reviewing your reports and requesting for outdated information and errors to be removed can increase the number of mortgage deals available.
Speak to a broker: Our brokers have deep relationships with lenders who offer 5x salary mortgages and can boost your chances of securing one - get started here.
Which mortgage lenders are available?
The table below shows examples of mortgage lenders who will cap your maximum borrowing at 5.5 times salary along with their criteria for this multiple.
|
Mortgage Lender |
Criteria For x5.5 Salary Mortgages |
|
LTV less than 75%, total income over £75k and borrowing under £750k |
|
|
Total income over £75k |
|
|
Total income over £60k |
|
|
“Dependent on income” but no specific amount specified |
|
|
Total income over £65,000 |
Take the next step on your mortgage journey
Example calculations
The table below shows how much you can potentially borrow on a mortgage with different income amounts, based on the five times salary multiple.
|
Salary Amount |
Max Mortgage Based On x5.5 Income |
|
£20,000 |
£110,000 |
|
£137,500 |
|
|
£165,000 |
|
|
£35,000 |
£195,500 |
|
£220,000 |
|
|
£45,000 |
£247,500 |
|
£275,000 |
|
|
£55,000 |
£302,500 |
|
£330,000 |
|
|
£65,000 |
£357,500 |
|
£70,000 |
£385,000 |
|
£75,000 |
£412,500 |
Why choose Teito for your mortgage needs?
The best way to secure a mortgage based on 5.5 times income is to apply through a whole-of-market mortgage broker, like us. Our service allows you to compare rates and deals for free and access the help you need to borrow based on this income multiple.
Here are just some of the reasons our customers choose our service:
- Access the latest 5.5 times salary mortgage rates in seconds
- Exclusive rates and bespoke calculations from our brokers
- We are 5-star rated on leading review websites
- It takes minutes to secure a mortgage in principle
Ready to compare rates and take advantage of a free, no-obligation chat with a broker who specialises in 5.5 times salary mortgages? Get started here.
FAQs
Only a few mortgage lenders will consider letting you borrow more than 5.5 times your income. Mortgages based on 6 times salary are usually reserved for borrowers in prestigious professions such as medicine, law, the emergency services and the civil service.
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.