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6 times salary mortgage

Author: Myles Robinson - Expert Finance Advisor

Posted: Jul 13, 2022

6 times salary mortgage lenders in the UK

This article will help you understand what you need to do to obtain a loan for a home up to six times the amount of your income.

As mortgage brokers, we can put you in contact with a lender who offers a 6 times income mortgage.

An online mortgage calculator is helpful to work out an estimate but we can save you time and money when looking for a 6 times income mortgage.

We can help get you a 6 times salary mortgage, contact us below:

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Can you get a mortgage for 6 times your salary?

It is becoming increasingly difficult to obtain mortgage income multiples of 4x. Six times salary mortgages are really beyond what most mortgage lenders will accept. If you have the right circumstances, you may be able to get a loan at this level if you meet their affordability and eligibility criteria.

Our expert advisors can help you find the right mortgage lender who will offer a 5 times income mortgage.

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

Six times income mortgage is not common, as we have mentioned.

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 multiple.

The Bank of England also has regulations that limit lenders to 15% of mortgages at 4.5 times income multiple and higher.

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

A track record of regularly renewed contracts with contractor mortgages will be in your favour. A guarantor can increase your chances of receiving an offer from a mortgage broker, while dependents may decrease it.

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

Do you want to know how much you can borrow with a higher income multiple than your current one? Contact us as a mortgage broker today.

An online mortgage affordability calculator will help you determine how much money you can borrow from a mortgage broker who lends on the basis of 6 times income motgage. It’s worth a shot to see how it might work for you.

Once you’ve got an estimate, make an enquiry to speak with our mortgage lenders. As an expert mortgage broker, we will help you find lenders that allow a 6 times income mortgage for higher incomes.

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What are the rules for joint applications?

It’s not much different from a joint mortgage to a mortgage by yourself. A joint request will allow you to borrow more than you could on your own because the lender will consider both of your annual incomes.

If you and your partner earn £25k per annual income, then the maximum amount would be £50,000 x six = £300,000. Your mortgage affordability would be higher with you have x2 salaries.

While some mortgage brokers allow you to submit a joint request with another applicant, another mortgage broker may allow up to four applicants.

Although this allows you and your cosignatories to work together, it can be difficult if one or two of them is unable to pay or want to sell. It is also important to decide how bills should be divided.

A joint mortgage will cost you the same fees as a single mortgage, 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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How eligibility is calculated?

Each lender’s criteria will be different. However, most lenders consider the same factors. You can read more about them below. Contact today for free mortgage advice.

How to make an income

The lender will assess your creditworthiness based on whether you are employed or self-employed. You may be eligible for any combination of these three.

This can make things more complicated if your income is not fixed or if you have to apply for a loan with bonus income.

Personal credit

Your credit score will determine how risky you are. Arrears and defaults can be a barrier. Bankruptcy is more of a hindrance.

Bad credit is a whole topic in and of itself. If you are interested in learning more about how to get a mortgage with poor credit, please visit our guide on bad credit mortgages.

LTV = The size of your deposit

The greater the deposit, the more you borrow. You are more likely to be offered if you have a higher deposit. Learn more.

Can I get 6 times income mortgages?

Usually the maximum income multiple for UK mortgage lenders is 6 times the salary of mortgages. However, there are other options available if you need more borrowing, such as secured loans or other products.

Can I get a mortgage with less than six times my income?

Possibly. The majority of mortgage providers will limit their lending to 4.5 times your annual income. However, some may lend less and, as we have discussed, others can lend more.

Take a look at the guides below if you want to learn more.

  • Mortgages for x5 salaried
  • Salary mortgages: x4-4.5
  • x3 Salary Mortgages
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What information should I have before applying for a 6 times income mortgage?

Any article that discusses getting a mortgage to borrow six times your salary should contain a warning. Because there are fewer 6x multiple mortgages, you’re less likely to get a competitive rate.

Contact us today to speak with a lender who will give the best mortgage rate and lowest interest rates.

You could end up paying much more in monthly repayments. Your finances could be put at risk by borrowing as much as possible.

Someone once said that can’t doesn’t mean you should. Talk to one of our whole-of-market experts to see how much this income multiplier might end up costing you over the long term for 6 times income mortgages.

What mortgage lenders offer six times the salary of a salaried individual?

The number of 6x-salary mortgage lenders is very limited.

Our lenders are known for being flexible with salary income limits. It is important to seek specialist advice if you plan to borrow more than x6 of your salary.

Using a mortgage broker for a large income multiple

A whole-of-market broker can be the best way to contact these lenders. They may be able to negotiate a better deal for you or have access to a niche lender that suits your needs better than the ones listed above.

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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