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6 times your salary mortgages

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 8, 2023

Emma Lunn

Fact Checked By:
Emma Lunn - Finance Editor

6 times salary mortgage lenders, rates to expect and how to get approved quickly

Getting a 6 times salary or income mortgage in the UK is a niche mortgage product however we can help.

If you would like to get approved quickly, start your application below online now:

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As mortgage brokers, we can put you in contact with a lender who offers a 6 times income mortgage and broker you the best rates.

We can help get you a 6 times salary mortgage; first calculate your potential repayments with our 6x mortgage calculator

 

 

Can you get a mortgage for 6 times your salary?

Most mortgage lenders will only lend you 4x or 4.5x your salary and a small number of lenders will offer 6x your salary.

However, you will also need to meet their affordability and eligibility criteria in order to get this type of mortgage product.

We are expert mortgage brokers

We have access to over 200 lenders in the UK to get you the best rates

Start your application here

 

What are the requirements to obtain a 6-times income mortgage?

Getting a mortgage at 6x your salary can be tricky, so you need expert help from a broker such as Loan Corp.

Six-times income mortgages are uncommon because lenders view them as a higher risk. A mortgage lender prefers to set an upper limit at 4.5x your income.

The Bank of England also has regulations that limit how much lenders can lend at high-income multiples.

Some lenders will offer a 6 times income mortgage to people who work in certain professions, such as lawyers, doctors, and engineers.

If you are a self-employed contractor, a track record of regular contracts will help your application. A guarantor can also increase your chances of receiving a mortgage offer.

For those looking to remortgage, mortgages up to 6 times their income are also available.

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Calculate your mortgage payment based on 6x your income

An online mortgage affordability calculator will help you determine how much money you can borrow from a mortgage lender who lends on the basis of 6 times your income.

Once you’ve got an estimate, speak to one of our mortgage experts. We can help you find lenders that lend at higher income multiples.

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What are the rules for joint applications?

If you apply for a joint mortgage, the lender will consider both of your annual incomes.

For example, if you and your partner each earn £25k a year, the maximum amount would be £50,000 x 6 = £300,000.

Some mortgage borrowers allow up to four joint borrowers on a mortgage.

A joint mortgage will cost you the same fees as if you applied for a mortgage on your own, regardless of how many applicants are involved.

Seeking specialist advice will get you the best mortgage deals on the mortgage market.

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What do mortgage lenders take into account before making a mortgage offer?

All lenders will look at various factors when deciding whether to offer you a mortgage.

These include:

  • Your income
  • Your credit history
  • The size of your deposit

The more you earn about the mortgage amount, the better your credit history and the bigger your deposit, the more choice of mortgages you’ll have.

Can I get 6 times income mortgages?

Most lenders offer mortgages at 4 or 4.5 times your annual salary – but a few will lend at 6x your salary.

You might be charged a higher interest rate if you borrow 6x your annual salary.

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Can I afford a 6 times income mortgage?

Before taking out a mortgage, it’s important to work out if you can afford the repayments.

The repayments on a mortgage equivalent to 6x your salary will take up a large proportion of your monthly take-home pay.

So, think carefully before taking out a large mortgage.

Use a mortgage broker for a large income multiple.

The best way to find a mortgage lender who will lend at an income multiple of 6x your salary is to use our online mortgage application at the bottom of this post.

Our brokers may be able to negotiate a better deal for you or have access to a niche lender that suits your needs better than mainstream lenders.

Our advisors have access to every x6-salary mortgage lender in the market. They can match you with the best provider to provide you with favourable rates for a mortgage of this amount.

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