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How to Get a Mortgage 5x Salary

Looking for to get 5 Times Income Mortgage? Our mortgage advisors are here to help you secure the right product for your needs, whatever your circumstances.

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Navigating 5x Salary Multiplier Mortgages

Any buyer with their eye on a prime property would want to maximise their salary’s borrowing potential. A 5x salary multiplier seems like the sweet spot for getting that much-needed boost on the property ladder.

However, some of the biggest names in the mortgage market aren’t upfront about the maximum income multiples on their products. Fortunately, our whole-of-market mortgage advisors can match you with a suitable lender who can offer a mortgage 5x salary.

How much you earn is just a slice of the mortgage pie when looking to buy a home. Not to mention, high LTI borrowing is a niche market, and every lender has customised criteria for mortgages on 5x income.

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What is the Minimum Salary Requirement for Borrowing 5x My Salary?

For many lenders, you may need to earn at least £70,000- £75,000 to afford a mortgage at five times your salary. However, some lenders have more relaxed salary requirements for higher-income multiples, with at least £31,000 annual income for sole applicants and £50,000 for joint applicants being the required income levels. 

Theoretically, a couple who are first-time buyers and have combined earnings of £50,000 could borrow up to £275,000 with a 5.5x mortgage. This is £50,000 more than what you’d get from most other providers.

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How Do I Qualify For A Mortgage 5x Your Salary? 6 Tips

Tip 1 – Income and Job Security

Income is almost always proportionate to the amount providers are willing to lend. In other words, higher income lets you borrow more. Not just that, but a stable job means you’re likely to make your payments on time.

Some lenders only need to look at your basic salary, while others consider other sources of earnings, such as bonuses, commissions, and other investments.

A stacked income portfolio can increase your chances of getting approved for a larger loan or a more favourable interest rate.

For self-employed borrowers, lenders require their SA302 tax calculations for the last three years, preferably compiled by a chartered accountant.

Tip 2 – Age

As mortgages are long-term commitments, younger borrowers are more attractive to lenders than those closer the retirement age. They have more years left in their careers, so they’re at better odds of fulfilling the financial obligations of a huge mortgage.

Conversely, older borrowers are high-risk and more likely to default on their mortgage due to a decline in income.

Overall, lenders will evaluate each borrower individually, considering other variables, like income and credit rating. Ultimately, the decision to grant a mortgage hinges on your ability to repay the loan, regardless of age.

Tip 3 – Profession

Most lenders target specific professions because they think these jobs are lucrative and secure.

For instance, Hinkley & Rugby offers an 80% mortgage on a 5.5 multiplier for doctors and dentists only. Meanwhile, the Teachers Building Society specializes in high LTI deals just for teachers.

Aside from those mentioned, these professions are the most trustworthy:

  • Accountant
  • Actuary
  • Architect
  • Barrister
  • Engineer
  • Solicitor
  • Optometrist
  • Veterinary surgeon

Even if you have only a few years of practising, some lenders will let you borrow at a 5x income multiple. The reason is that these jobs have the potential to pay well later on, despite the modest entry-level wage.

Plus, if you happen to lose your job, these professions provide strong employment prospects. 

Tip 4 – Spending Habits and Monthly Outgoings

Lenders want to see that you have enough disposable income to comfortably repay the loan, along with your expenses.

With mortgages based on a high LTV, lenders will ensure you’re up to speed with your monthly expenditures, such as:

  • Council tax
  • Utility bills
  • School fees
  • Childcare costs
  • Insurances
  • Car loans
  • Credit card debts
 

Tip 5 – Credit Score

There isn’t a specific score you need for a mortgage five times your salary. Different lenders have different ways of making decisions, but all of them look for the same things, including:

  • Information on your application form
  • The information they may already have on you, in case you’re banking with them
  • Your credit report, along with your public record (e.g. IVAs and CCJs)
  • Their lending policy 
 

They’ll study your credit report and get a good look at your financial past. They’ll see your credit card balances, whether you’re registered to vote, and if you’ve ever missed payments. From there, they’ll create their own credit score for you.

Tip 6 – Deposit

If you can afford it without leaving you “house poor,” a significant deposit may increase your eligibility for a mortgage five times your salary. 

With more money you put in the mortgage, the potential loss for lenders in case you default on your payment decreases.

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

Should You Take Out a Mortgage 5x Your Salary?

Just because you may be able to get a hefty home loan doesn’t mean you necessarily should. Before you jump in at the first opportunity of a mortgage that’s five times your salary, step back and think, or seek our advice.
  1. Higher Interest Rates and Monthly Repayments
 
A higher income multiple may allow you to purchase an upscale property, but it also means taking on a much larger debt. There aren’t many product options when choosing a mortgage on a 5x income multiple. Consequently, you might not get the best interest rates and terms, leading to higher monthly repayments. This could strain your finances in the long run, so consider saving up a bigger deposit or waiting until you earn more before taking out a mortgage.
  1. Your Long-Term Plans
 

Apart from your current income and outgoings, examine other factors that can affect your ability to repay the mortgage. These include potential changes in your income, future expenses, and job stability.

Finally, weigh the risks and benefits and seek professional advice if necessary.

Frequently Asked Questions

Can You Get a Mortgage 5x Your Salary Based on Joint Incomes?

A joint income strengthens your borrowing power, giving you access to more money. Therefore, it offers a perfect solution if you’re struggling to get a mortgage five times your salary.

However, it’s not unheard of for lenders to offer a lower income multiple for joint applicants. For instance, some lenders might offer a couple with £75,000 earnings between them at five times that amount. However, a single applicant with the same income could potentially borrow at a 5.5 income multiple.

Our team of experienced brokers can connect you to the right mortgage lenders and help you navigate the process more efficiently than approaching lenders directly.

A mortgage five times your salary is significant borrowing, and it’s highly unlikely you’ll secure the amount if you have credit issues. After all, credit history is one of the factors lenders consider when determining the amount they’re willing to lend.

Not to mention, you need a clean credit record for mortgages with larger LTVs.

Credit issues, such as a low credit score, missed payments, and a  history of bankruptcy, could make it harder to qualify for a mortgage. Even if you do qualify, you may not get the exact loan amount you’re hoping for.

Just because you may be able to get a hefty home loan doesn’t mean you necessarily should. Before you jump in at the first opportunity of a mortgage that’s five times your salary, step back and think, or seek our advice.

  1. Higher Interest Rates and Monthly Repayments

 

A higher income multiple may allow you to purchase an upscale property, but it also means taking on a much larger debt.

There aren’t many product options when choosing a mortgage on a 5x income multiple. Consequently, you might not get the best interest rates and terms, leading to higher monthly repayments.

This could strain your finances in the long run, so consider saving up a bigger deposit or waiting until you earn more before taking out a mortgage.

  1. Your Long-Term Plans

 

Apart from your current income and outgoings, examine other factors that can affect your ability to repay the mortgage. These include potential changes in your income, future expenses, and job stability.

Finally, weigh the risks and benefits and seek professional advice if necessary. 

Because high LTI loans are risk magnets, getting a mortgage five times your salary is more complicated. Besides, borrowers are chasing a limited number of deals with the 15% ceiling.

This unique scenario can drive borrowers on a mortgage application binge, which in reality, is counterproductive.

Having multiple applications in the search for that elusive mortgage based on five times your income can hurt your credit score. That’s because each application leaves a hard search on your report, regardless of the result.

Your best ally is one of our mortgage brokers who can help you find a high-value mortgage and put you among the 15% elite borrowers. They can evaluate your financial situation and put together a bulletproof application before the mortgage calculators crunch your numbers.

The amount of deposit you’ll need to shell out for your dream house depends largely on the lender. In general, you can expect to pay at least 25% on a mortgage five times your salary.

While uncommon, getting a huge mortgage for a lower deposit is still possible. For example, some lenders offer first-time buyers up to a 5.5 income multiple with a 5% deposit under the Helping Hand mortgage.

If have low or zero debt, you have more discretionary income at your disposal, which is what’s left after paying off your fixed expenses. With a fat discretionary income, you might qualify for a mortgage five times your salary, or even more. 

But here’s the kicker: People who don’t borrow have thin files, resulting in poor credit scores. Fortunately, some lenders are open to accepting alternative forms of credit, such as rent and utility payments, for individuals with thin credit files.

If your mortgage extends into your retirement years, lenders will want to know how you’ll keep up with your repayments. They’ll probably ask you for proof of a sizable pension or savings.

If you’re nearing retirement, you might want to consider an interest-only mortgage or  equity release. You can talk to one of our mortgage experts to help you decide what’s best for you.

Remember, not all lenders have the same rules, so you should get your facts straight before deciding about a 5x salary mortgage.

It’s more challenging for self-employed borrowers to get a mortgage, let alone for five times their income. Some lenders may not see you as the ideal borrower, or they may be reluctant to deal with the expanded underwriting requirements. 

If you write off your business expenses on your taxes, it can make you look like you earn less. This can further hurt your chances of getting your desired loan amount. On top of that, the 2014 Mortgage Market Review’s tighter lending rules place a weightier burden of proof on borrowers.

That said, there’s no reason you can’t get a mortgage five times your income as a self-employed borrower. However, you will likely have to jump through more hoops to convince the lender you can afford the loan.

Here are some ways to increase your prospects of getting your hands on a chunkier mortgage:

  1. Provide documentation of a 2–3 years’ worth of solid self-employment track record and stable or increasing income.
  2. Offer a substantial deposit to reduce your LTV ratio.
  3. Have a substantial rainy day fund to establish your financial position.
  4. Enhance your credit score by making timely payments and paying off debts.
  5. Get a joint mortgage with someone with good credit and a low debt-to-income ratio like you.
  6. Be ready to provide an accountant’s reference or a letter from the financial directors if you’re an LLP partner.

Note:Self-employed mortgage deals aren’t immediately visible online, since many lenders only offer them via a mortgage broker. We can help you find the best deals on the market if you’re confident you can afford a 5x-income mortgage.

Final Thoughts on 5x Salary mortgages

So, getting a mortgage five times your annual salary isn’t impossible, but it’s not a walk in the park either. Your income, deposit, credit score, and profession are essential elements that can make or break your chances of getting approved for a mortgage at this level.

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