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5 half times income mortgage

Author: Myles Robinson - Expert Finance Advisor

Posted: Jun 22, 2022

5 and a half times salary mortgage lenders and rates

Customers often contact us as a mortgage broker to enquire about their income multiple and 5.5X to be able to obtain a mortgage.

We offer mortgage advice and will put you in touch with the best mortgage lenders for you. Get a quote below:

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It is difficult to get a mortgage approval large enough to purchase a house. Most UK mortgage providers offer mortgages at a rate of 4.5x an individual’s annual gross earnings.

If a person earns £30,000, they could only borrow £135,000 to get a mortgage. Use our mortgage calculator below to see your repayments:


What about lenders who offer multiples of income? How can you find them?

We. as mortgage providers have lenders who will offer mortgages 5.5 times salary and annual income.

This guide will explain what a 5.5 times salary mortgage is, how to apply for higher income multiples, and how to get the best interest rates.

It all depends on your personal situation and the criteria of the mortgage brokers. However, specialist advice is readily available.

This article will tell you if you are eligible for 5.5 times your salary mortgage, how to apply for a 5.5 times salary mortgage, and where you can get the best advice and contact with most mortgage lenders offering higher income multiples.

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Can I get a mortgage for 5.5 times my income?

This could be possible, private brokers offer higher income multiples.

Only a few lenders will approve a mortgage for 5.5 times your salary. Their decision will depend on your personal circumstances. This amount is considered a high-income multiple by lenders and it can be difficult to obtain a mortgage. A specialist broker can help you determine the eligibility criteria and what lenders might be willing to lend this amount.

Many lenders are moving away from traditional income multiples. These are terms you might have seen if your mortgage agreement has the T&Cs.

An income multiple is an amount based on your annual salary. For example, if you have a gross salary of £25,000 and your lender uses an income multiple of 5, you could borrow £137,000.

Maximum mortgage amount = Annual gross income x Multiple incomes used by the lender

£25,000 x 5.5% = £137.500

Your maximum loan amount will increase the higher your income multiplier.
Many borrowers want to be able to borrow more to get a mortgage. However, borrowers who earn a 5.5x income should try to obtain a mortgage with a higher interest rate.

Be careful and carefully calculate affordability either by yourself or with a mortgage broker.

You can either send us an enquiry or call us and we’ll direct you to one of the experts we have.

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Mortgage calculator for 5.5 times your salary

This calculator will give you an idea of the amount you can borrow. To get started, you only need to provide a few details. Once you have an estimate, you can use it to help you determine your property budget.

After you have received your estimate, send an enquiry. Our experts can help you find lenders by reviewing your situation. There is no cost to us and no obligation to purchase.

What is the minimum salary I should earn to qualify for a 5.5-times mortgage?

Each lender’s criteria will determine which rate you qualify for. A broker can assess your personal situation and determine if you are eligible for a 5.5x loan.

Rich borrowers are those earning a salary of at least £100k+. However, some lenders will accept as little as £35,000 for those just starting a job in one of their approved professions (such as doctors or accountants) or who have significant savings or income.

Each person’s situation is unique. Lenders will consider other factors, as explained below.

How do I get a mortgage with a 5.5x salary?

It is hard to give a definitive list of mortgage lenders that offer a 5.5-times salary if you are wondering. Each mortgage lender makes its decisions based on its criteria.

Your monthly income and salary are two of the factors lenders consider. This could include your benefits, other income sources as well as any bills or debt repayments. It also may include general living expenses such as food, travel and housing. Your monthly spending may be higher if you have children.

It is not more difficult to obtain a mortgage for 5.5x your income.

Your ability to get any type of mortgage, regardless of your income, will depend on your circumstances.

Because of the higher risk associated with larger loans, there are fewer UK lenders that can provide this type of mortgage. However, there are some lenders who will provide mortgages at 5.5x your salary.

A whole market broker is the best way to determine if you are eligible. They can provide independent advice about which lender would be best for you, what your income will be, and how to apply.

Get in touch with one of our professional brokers, request your quote below:

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Why do I need a broker who is whole-of-market?

Whole-of-market brokers are not tied to any particular lender. This means that they can access more options from many lenders and makes it easier to find the right loan for you.

Alternatively, multi-tied or tied brokers can only provide advice on specific lenders, income types and niches (such a bad credit score) as well as mortgage products.

What is the maximum amount of loan I can get?

Lenders can limit maximum loan amounts according to their criteria. The method of calculating them varies from one lender to the next, but it is largely dependent on many factors such as:

  • Your type of employment – whether you are looking to obtain a mortgage as a self-employed person or an employed.
  • Your income is a calculation that takes into account your basic income. However, some lenders may consider additional income.

Lenders also consider the loan-to-value (LTV) ratio. This is the amount you are willing to borrow relative to the property’s value. Lenders will establish a maximum LTV limit to determine the maximum mortgage loan they will approve, but it does not guarantee that you’ll be approved for it.

The amount you are offered will depend on your situation. A majority of UK lenders require a minimum deposit to buy a home, but some may accept as little as 5% in certain circumstances.

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Is it possible to borrow 5.5x my monthly salary for a single mortgage?

Each lender will have a different policy regarding the best mortgage for you.

Talking to an expert advisor is the best way to determine if you’re eligible for a mortgage at 5.5 times your salary or to see what amount of assistance you might be eligible for. You can get in touch with them to ask any questions and find the best solution for you.

Can I get a mortgage that is based on 5.5x my joint income?

If you are sharing a mortgage with another person, you will be eligible to get a larger mortgage.

This includes a mortgage that is based on 5.5x your joint salary. This is a higher-rate mortgage, so you’ll need to both prove that you can afford the repayments as well as have the deposit.

Keep in mind, however, that if one partner is unable or unwilling to pay the repayments, the other may be held responsible.

If you are interested in applying for a mortgage you will be able to borrow more if you have a friend, partner, or relative. Both incomes can be added to the income calculation. Some lenders will allow you to borrow up to four people in a joint mortgage application. This can increase your borrowing power.

In this example, the maximum amount of borrowing will be based on two incomes. Consider that person 1 makes £30,000 per year, while person 2 earns £30,000. Person 2 takes home £30,000.

The maximum amount a single applicant can borrow to get a 5.5x salary mortgage loan is £165,000The combined mortgage amount increases to £330,000 if you add applicant 2.

A joint mortgage can be a good option for you. We recommend speaking to experts like those we work with who have extensive experience in this field. Learn more about joint Mortgages and the details involved.

How can other factors impact my eligibility for a mortgage at 5.5 times my salary?

The factors that will affect your ability to get a mortgage are the ones we have already mentioned, like your income, expenses, and the amount you have in deposit.

The following variables may also impact the decisions lenders make about your loan application:

  • Your credit rating Bad credit could lead to unfavourable rates, lower-income multiples or even being turned away altogether. There are lenders that specialise in bad credit loans. Learn more about obtaining a mortgage with poor credit.
  • Your age Some lenders may be reluctant to offer you a higher income multiple, such as 5.5 times your monthly salary if you are retired. Some lenders won’t lend money to people over 75 years old, while others will not lend to those over 85. However, a minority of lenders will lend without any upper age limit in the right circumstances.
  • The property type is A specialist lender may be required if you are buying a property with unique construction. Some lenders might not be willing to provide a higher income multiple for a building that has been built differently. Learn more about nonstandard construction mortgages.

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For a mortgage, you cannot borrow more than 5.5x your salary

If you have the right circumstances, some lenders may offer a “supersize mortgage” that is 6 times your annual salary. However, these mortgages are only for professionals like doctors and accountants, and not for those just starting out in their field.

Your broker can help you determine if you are eligible for a mortgage at a higher interest rate even if you are not working in these fields. A secured loan may allow you to apply for a 10x mortgage.

A lender might recommend a lower rate mortgage than you are interested in. 3x salary mortgage, 4 or HTML5x salary mortgage are some examples of how you can qualify. You can also find more information about 6x and 7x salaries.

Can I get a mortgage for 5.5x my salary if I have bad credit?

What is poor credit with one lender may be totally different with another lender. This means that even if your credit history has been a problem in the past it might still be possible to obtain a mortgage for 5.5x of your income.

Some lenders may reject an application due to serious issues such as recent bankruptcy or IVAs. However, there are still a few lenders who will approve mortgages for borrowers with poor credit.

You might need a higher deposit or a lower income threshold to be eligible for a 5.5x mortgage lender. However, this can vary from lender to lender.

You don’t have to be rejected for a mortgage. Instead, you can check your eligibility before applying and stop it from happening. Credit rejections may remain on your credit report for up to six years. Other lenders can see your credit reports for as long as six years. Recent or multiple rejections could negatively impact your ability to get approved for some 5.5x salary mortgages.

Where can I find advice on 5.5x mortgages?

Call us today if you have any questions regarding 5.5x salary mortgages or to make an enquiry.

Relax and let us find the right broker for you. There is no charge and absolutely no obligation to improve your credit rating.

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