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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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Getting a mortgage that is six times your salary in the UK can seem like a daunting task, but with the right information and guidance, it is achievable. This guide will walk you through everything you need to know about obtaining a mortgage based on six times your income, from eligibility requirements to finding the right lender.
Yes, it is possible to get a mortgage 6 times salary in the UK, but it is not common. Most lenders typically offer mortgages up to 4.5 times your salary. However, some specialised lenders or high street banks might extend to 6 times your income under certain circumstances. These circumstances often include having a high income, excellent credit score, and a substantial deposit.
Based on a mortgage of £300,000 at 75% LTV and 25 years
Speak with Us | Interest Rate | Mortgage Type | Monthly Repayment Amount | Total Fees | Max LTV |
---|---|---|---|---|---|
3.79% | Fixed | £1,174 | £335 | 75% | |
3.86% | Fixed | £1,178 | £1,499 | 75% | |
3.89% | Fixed | £1,180 | £1,025 | 75% | |
3.89% | Fixed | £1,180 | £1,079 | 75% |
To borrow 6 times your annual salary, you need to present a strong case to lenders. Here are the steps to follow:
The table below illustrates potential borrowing amounts based on different income multiples, including 6 times salary.
Yearly Salary | 4 Times Salary | 4.5 Times Salary | 5 Times Salary | 5.5 Times Salary | 6 Times Salary |
£20,000 | £80,000 | £90,000 | £100,000 | £110,000 | £120,000 |
£30,000 | £120,000 | £135,000 | £150,000 | £165,000 | £180,000 |
£40,000 | £160,000 | £180,000 | £200,000 | £220,000 | £240,000 |
£50,000 | £200,000 | £225,000 | £250,000 | £275,000 | £300,000 |
£60,000 | £240,000 | £270,000 | £300,000 | £330,000 | £360,000 |
£70,000 | £280,000 | £315,000 | £350,000 | £385,000 | £420,000 |
£80,000 | £320,000 | £360,000 | £400,000 | £440,000 | £480,000 |
£90,000 | £360,000 | £405,000 | £450,000 | £495,000 | £540,000 |
£100,000 | £400,000 | £450,000 | £500,000 | £550,000 | £600,000 |
This table provides a clear view of how much you can borrow with various income multiples, including a 6 times salary mortgage.
Not all lenders in the UK offer mortgages 6 times salary. Here are some types of lenders that might consider this:
It’s crucial to research and compare different lenders and work with a mortgage broker to find the best options available.
Lenders consider various types of income when assessing your eligibility for a 6x salary mortgage:
Yes, joint incomes can be combined to increase your borrowing capacity. For instance, if both partners have stable and high incomes, lenders may be more willing to offer a mortgage 6 times your combined salary.
The minimum deposit required typically depends on the lender’s policies and the property’s value. Generally, for a high income multiple mortgage like this, you should aim for at least a 20-25% deposit. This demonstrates financial stability and reduces the lender’s risk.
While a 6 times income mortgage can help you buy a more expensive property, there are potential downsides:
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.
In exceptional cases, it may be possible to borrow more than 6 times your salary. This usually applies to high-earning professionals in fields such as medicine, law, and finance. However, such cases are rare and typically require a substantial deposit, excellent credit history, and a strong financial profile.
If you are ready to pursue a mortgage based on 6 times your salary, here are the next steps:
Get things moving, apply for a remortgage.
Free unbiased mortgage advice is just a phone call away.
It is challenging to get a mortgage 6 times your salary if you have credit issues. Lenders offering high multiple mortgages typically require excellent credit scores. However, working to improve your credit and consulting with a mortgage broker can provide options.
Retired individuals usually find it harder to secure high multiple mortgages since income is often lower. However, substantial pension income, investments, and other assets can help.
Yes, self-employed borrowers can apply for a 6x income multiple mortgage. Lenders will require detailed financial records, including tax returns and business accounts, to verify income stability.
A mortgage calculator for a 6 times salary can give you an estimate of your borrowing capacity. For example, if your annual salary is £50,000, you might be able to borrow up to £300,000.
In rare cases, you may be able to borrow more than 6 times your salary, particularly if you have a high income, excellent credit score, and substantial assets. Consult with a mortgage broker for tailored advice.
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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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