6 Times Salary Mortgages

If buying your ideal property would require stretching your borrowing beyond the average limits, you might be wondering whether the possibility even exists.

Mortgages that involve high income multiple lending – that of six times your annual income specifically – do exist for some customers. Knowing whether you qualify for one and how to get one is what we’ll reveal here.

Can you get a mortgage based on 6x your salary?

Yes, it’s possible. While most lenders stick to the average multiple incomes (4-4.5x) and some state that their upper limit is 5x a borrower’s income, which is exceptional for the few who meet the criteria, there are a handful of lenders who declare that they’re willing to consider offering mortgages to some applicants based on 6x their income.

In addition, there are also lenders who choose not to stipulate any set of multiples at all, instead choosing to use affordability criteria as a way of assessing how far they will stretch and treating each application individually, which is good news if you are financially stable, earn a good wage and have health spending habits.

Due to the higher risk factor that comes with high income multiples, there are eligibility hurdles to clear first, which are varied and complex, but a mortgage broker can help you to decipher these.

To give you an idea of how this may work out for you, based on your own annual earnings, take a look at our mortgage affordability calculator here:

Who qualifies for a 6x income mortgage?

Each lender in the market for 6x salary mortgages has their own unique set of benchmarks before granting approval. This makes it difficult to establish set principles across the board, however here are some that may be common:

What you do for a living and how much you earn

Six-times income mortgages are more likely to be offered to people in particular professions, such as lawyers, doctors, engineers and dentists. Others might be judged on their salary. For example, Buckinghamshire Building Society considers lending more to higher rate taxpayers and Teachers Building Society will consider a 6x mortgage to applicants who earn upwards of £200,000.

What can be gleaned from your financial behaviour

A high income alone does not necessarily get you over the line. Your ability to manage your money is also crucial to reassure lenders that they should take a risk on you. This includes the strength of your credit score and spending history. As Newcastle Building Society states, your affordability could be assessed on income and expenditure, rather than calculating multiples.

What kind of deposit and equity you have

You may need a minimum household income, as well as a certain amount of equity in your property. For example, a total of £100,000 household income, having paid off at least 15% of your home (below 85% loan-to-value). Alternatively, you might need to prove you can put down a substantial deposit to unlock a mortgage that’s six times your salary, particularly if you’re a first-time buyer.

How a broker can help you get a high income multiple mortgage

Understanding which lenders offer what and to whom is a hurdle in itself. Good brokers will have access to the entire market and will draw upon contacts and experience to help point you in the direction of lenders who they know it’s worth spending time applying to, as well as ascertaining whether what you want is out there, and where to begin the search.

It’s also worth remembering that affordability and eligibility checks with high level borrowing are intrinsic, complex and exhaustive, and putting together a suitable application that has the greatest potential for success is no easy feat. The right mortgage broker will help you through this process, offering advice, expertise and walking with you through the practical steps.

We offer a free broker-matching service that will quickly assess your needs and circumstances to ensure you’re paired with an advisor who has the exact expertise you need. This will be a mortgage broker who specialises in high income mortgages and has the track record to prove it.

Make an enquiry and we’ll set up a free, no-obligation chat between you and an advisor we’ve handpicked for you today.

Types of mortgage you could get at 6x income

As we’ve established, there are no hard and fast rules about what kinds of mortgages are available, however it is always worth researching what you’re looking for or speaking to a broker to find out what’s possible, because options out there are increasing.

Joint and single mortgages

Both joint and single mortgages are available and work largely the same, except two salaries are able to be taken into consideration.

Guarantor mortgages

It may go some way to strengthening your application if you have a guarantor behind you. This kind of support against the risk of high multiple mortgages would be welcomed by lenders.

Remortgaging

A 6x income mortgage is available on a remortgage basis for qualifying applicants. If your original mortgage was based on a lower income multiple, it’s worth seeking professional advice to see what kind of options you might have where 6x income borrowing is concerned.

It might be the case that your current mortgage provider has a lending cap which prevents them from letting you borrow this amount, but it may be possible to refinance with another lender who uses higher income multiples.

Repayment or interest only

Both kinds of mortgages are out there in the market for even 6x income mortgages if you know where to look. Interest-only mortgages, in general, can be more difficult to come by and your lender will need to see proof of a repayment vehicle before they’re willing to approve you.

Rates to expect and lenders who might fit

Interest rates available will vary hugely depending on your situation, such as whether you’re fixed or not, how long the term is, and what the loan-to-value calculations are. As is typical, the more financially attractive you are to lenders, the more favourable rates are unlocked, and this is no exception. You should also take fees into consideration, as these could be higher than is standard.

Lenders who might be willing to negotiate vary from big-name banks and building societies to niche loan organisations, who have an open-minded approach to high multiple mortgages. For example, Livemore Capital, Together and Norton Home Loans do not restrict themselves to a capped maximum income multiple. Others, such as Penrith Building Society, consider each application on its own merit. Some, such as Foundation Home Loans, prefer to lend to professionals only.

Large high street banks, such as Barclays and Halifax, are less likely to stretch beyond the threshold of 5x or 5.5x income mortgages, which still come with tight restrictions. Because the Bank of England allows only a limited number of mortgages to be granted above the average of 4-4.5x income, lenders have to be very particular and careful with this kind of lending.

Get matched with a broker who specialises in high income multiple mortgages

If you’re unsure of where to begin with both finding a lender out there who offers x6 salary mortgages, or how to start putting your application together, the next step should be to get matched with one of the expert brokers in our network who are experienced in this area.

As well as saving you time, money, effort and confusion, the advisors we work with are there to provide support and make your application as strong as it can be in a very competitive and obscure market. Our handpicked experts from our professional mortgage broker network are fully vetted and trained, provide a reliable and honest five-star service, and work hard on your behalf to bring you success.

To find out whether they can help you, call us on 0808 189 0463 or make an enquiry online for a free, no-obligation initial consultation.