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Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
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 4.75 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 5.5 times your household income, a salary multiple you will struggle to get without a broker. 5.5 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.
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Securing a mortgage for 5 or 5.5 times your salary can be a crucial step towards owning your dream home. However, not all lenders offer such high-income multiples, and there are specific criteria that you must meet. This guide will explore the possibilities and provide detailed information on obtaining a 5 or 5.5 times salary mortgage in the UK.
A 5x salary mortgage refers to a loan where the amount you can borrow is up to five times your annual income. This means if your salary is £50,000, you could potentially borrow up to £250,000. These mortgages are typically offered to applicants with strong credit profiles and stable income sources.
Yes, it is possible to get a mortgage five and a half times your income, although it is less common. Major lenders would consider letting you borrow from 4 to 4.5 times salary. However, some lenders in the UK offer mortgages at 5.5 times salary, but they often require stronger eligibility criteria. These criteria may include high credit scores, substantial deposits, and a low debt-to-income ratio. It is essential to consult with a mortgage broker to identify which mortgage lenders lend the most and offer these higher-income multiples.
Based on a mortgage of £300,000 at 75% LTV and 25 years Today’s best buy mortgages
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Obtaining a mortgage for 5.5 times your salary is indeed more challenging than securing one for a lower multiple. Lenders consider this a higher risk, and as such, they scrutinise applications more rigorously. Factors such as job stability, credit history, and overall financial health are meticulously reviewed. Therefore, while possible, it requires meeting higher standards and proving exceptional financial stability.
The amount you can borrow with a 5.5x salary mortgage depends on your annual income. For instance, if your income is £60,000, you could potentially borrow £330,000. However, the exact amount may vary based on the lender’s criteria and your financial situation. Lenders will assess your affordability by considering your income, outgoings, and any existing debts. The table below illustrates potential borrowing amounts based on different income multiples:
Yearly Salary | 3 Times Salary | 4 Times Salary | 4.5 Times Salary | 5 Times Salary | 5.5 Times Salary |
£20,000 | £60,000 | £80,000 | £90,000 | £100,000 | £110,000 |
£30,000 | £90,000 | £120,000 | £135,000 | £150,000 | £165,000 |
£40,000 | £120,000 | £160,000 | £180,000 | £200,000 | £220,000 |
£50,000 | £150,000 | £200,000 | £225,000 | £250,000 | £275,000 |
£60,000 | £180,000 | £240,000 | £270,000 | £300,000 | £330,000 |
£70,000 | £210,000 | £280,000 | £315,000 | £350,000 | £385,000 |
£80,000 | £240,000 | £320,000 | £360,000 | £400,000 | £440,000 |
£90,000 | £270,000 | £360,000 | £405,000 | £450,000 | £495,000 |
£100,000 | £300,000 | £400,000 | £450,000 | £500,000 | £550,000 |
This table provides a quick reference for understanding how much you can potentially borrow based on your annual salary and the income multiple used by the lender. Keep in mind that these figures are indicative, and actual borrowing amounts may vary depending on the lender’s criteria and your personal financial circumstances.
For joint mortgages, lenders may consider the combined income of both applicants. If you and your partner have a combined income of £100,000, you might be able to borrow up to £550,000. However, lenders may apply different criteria to joint applicants, considering factors like individual credit scores and employment stability.
The deposit required typically ranges from 5% to 20% of the property’s value. A larger deposit may increase your chances of being approved for a mortgage 3 times your salary. For example:
Property Value | 5% Deposit | 10% Deposit | 15% Deposit | 20% Deposit |
£150,000 | £7,500 | £15,000 | £22,500 | £30,000 |
£200,000 | £10,000 | £20,000 | £30,000 | £40,000 |
£250,000 | £12,500 | £25,000 | £37,500 | £50,000 |
£300,000 | £15,000 | £30,000 | £45,000 | £60,000 |
£400,000 | £20,000 | £40,000 | £60,000 | £80,000 |
£500,000 | £25,000 | £50,000 | £75,000 | £100,000 |
£600,000 | £30,000 | £60,000 | £90,000 | £120,000 |
Securing a 5.5 times salary mortgage with bad credit is highly challenging. Most lenders offering high-income multiples require excellent credit scores. If you have bad credit, your options may be limited, and you might need to work on improving your credit score before applying. Consulting with a mortgage broker can help identify lenders who may be more lenient or offer specialised products for those with less-than-perfect credit.
Use our Mortgage Affordability Calculator to determine how much you can borrow.
Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
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 4.75 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 5.5 times your household income, a salary multiple you will struggle to get without a broker. 5.5 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.
Get StartedGet expert advice immediately if...
If one or more of the above apply to you, it’s important to get expert advice before making an application. The right broker can help maximise your chances of approval based on your circumstance.
Older borrowers may face additional challenges when seeking a mortgage 5.5 times their income. Lenders consider the remaining years until retirement and the likelihood of maintaining income levels. However, some lenders offer tailored products for older borrowers, including those approaching or past retirement age. It is advisable to seek advice from a mortgage broker who can navigate the specific needs of older applicants.
Self-employed borrowers can obtain a 5.5 times salary mortgage, but they often face stricter criteria. Lenders usually require at least two to three years of accounts and may assess your average annual income over this period. Demonstrating consistent income and strong financial records is crucial for self-employed applicants.
Navigating the complexities of high-income multiple mortgages can be daunting. Engaging with a mortgage broker can provide invaluable assistance in finding the best options tailored to your financial situation. Brokers have access to a wide range of products and can identify which mortgage lenders lend the most, including those willing to offer a 5.5 times salary mortgage in the UK. They can also help streamline the application process, increasing your chances of approval.
While obtaining a mortgage 5.5 times your salary is challenging, it is possible with the right preparation and guidance. Only a minority of lenders consider offering such high multiples, and meeting their stringent criteria is essential. Consulting with a knowledgeable mortgage broker can help you explore your options, understand the requirements, and improve your chances of securing the necessary financing to purchase your desired property.
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Securing a 5x salary mortgage with credit issues is difficult but not impossible. Specialist lenders may consider your application, often with higher interest rates and stricter terms. Consulting a mortgage broker can help you find suitable options.
Yes, you can get a mortgage 5 times your income if you’re retired, depending on your pension income, savings, and overall financial health. Some lenders offer retirement-specific mortgage products. Speaking with a mortgage advisor can help identify the best options.
Self-employed borrowers can potentially get a 5x income mortgage. Lenders typically require detailed accounts from the past two to three years and may consider net profit or salary and dividends. Working with a mortgage broker experienced with self-employed clients can help find flexible lenders.
A mortgage calculator can help estimate how much you can borrow based on a 5x salary multiple. For example, if your annual income is £50,000, you might be able to borrow up to £250,000. Use online mortgage calculators for precise estimates.
Obtaining a mortgage for more than 5 times your salary is challenging and uncommon. It usually requires a strong financial profile, including high credit scores, substantial deposits, and low debt-to-income ratios. Specialist lenders may offer higher multiples under specific circumstances. Consulting a mortgage broker is advisable to explore these options.
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Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
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