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5 half times income mortgage

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 8, 2023

Emma Lunn

Fact Checked By:
Emma Lunn - Finance Editor

5 and a half times salary mortgage lenders and rates

Customers often contact us to ask if they could get a mortgage at 5.5 times their salary.

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 can be challenging to get a mortgage for 5.5 times your salary. 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 borrow £165,000 at 5.5 times their salary, but this falls to £135,000 at 4.5 times their income. Use our mortgage calculator below to see your repayments:

 

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

We can connect you with mortgage lenders who will offer mortgages at 5.5 times your salary or annual income.

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

It all depends on your personal situation and mortgage lenders’ criteria. 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 connect with most mortgage lenders offering higher income multiples.

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Can I get a mortgage for 5.5 times my income?

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.

Many lenders are moving away from traditional income multiples. These are terms you might have seen on your mortgage agreement’s terms and conditions.

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 5.5 you could borrow £137,500.

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.

Be careful and carefully calculate affordability by yourself or through 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 and no obligation to purchase.

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

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

High income 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 an approved profession (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’s hard to give a definitive list of mortgage lenders that offer a 5.5-times salary. Each mortgage lender makes its decisions based on its criteria.

Your monthly income and salary are just two of the factors lenders consider when assessing your mortgage application. Others include other income sources as well as your bills and any 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.

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, some lenders 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, your income, 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 they can access more options from many lenders and this makes it easier to find the right loan for you.

Alternatively, multi-tied or tied brokers can only provide advice on products from specific lenders.

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 employed or self-employed
  • Your income
  • Your outgoings

Lenders also consider the loan-to-value (LTV) ratio. This is the amount you are borrowing relative to the property’s value. Each mortgage product comes with a maximum LTV.

The amount you are offered will depend on your situation. Most lenders require a minimum deposit of 10% to buy a home, but some may accept 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.

You may be able to borrow 5.5 times your income as a single or sole borrower.

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 normally be eligible for 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 prove that you can jointly afford the repayments.

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

You can usually borrow more on a joint mortgage than you can as a solo borrower. This is because both incomes can be added to the income calculation. Some lenders will allow you to include up to four people in a joint mortgage application. This can increase your borrowing power.

For example, take a couple where both people earn £30,000 a year. Either one could borrow £165,000 at 5.5 times their single income. But if they bought a property together they could borrow a total of 5.5 times, equating to £330,000.

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. Some lenders 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 or approaching retirement. 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.

 

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

What one lender considers ‘poor credit’ might be very different from what another lender thinks.  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 recent bankruptcy or an IVA. However, there are still a few lenders who will approve mortgages for borrowers with poor credit.

You might need a higher deposit to be eligible for a 5.5x mortgage if you have bad credit. 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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