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The Key to Getting 6 Times Income Mortgage

Looking for the key to getting 6 x income mortgage? Our mortgage advisors are here to help you secure the right product for your needs, whatever your circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Securing a 6x Income Mortgage Solution

Is there a charming property on the market, yet it’s more expensive than what the bank would lend you? With average house prices in the UK coming in at £296,000 as of October 2022 (UK House Price Index), that’s nearly 9 times the average annual salary today!

How can you afford to buy a home when banks only lend 4 to 5 times your income? Is it possible to get a 6 times income mortgage?

The short answer is yes, you can. We’re here to help you secure higher income multiples so your dream home can become a reality.

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Why Get a Mortgage That’s 6 Times Your Income?

There’s no question that the value of properties increases over time. A house worth 6 times your income will almost certainly be worth more than that years from now. 

A 6 times mortgage isn’t as scary as you think. It’s possible to purchase your dream home as soon as now! 

We believe that it’s better to turn your money into equity instead of paying rent to a landlord. Through a mortgage, you own a little bit more of your home each time you make a repayment to the bank. 

The good news is your salary will still grow. You’ll earn more as you climb the corporate ladder. With that, it’ll be easier and more affordable for you to pay for a mortgage over time.

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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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Check your credit file.

In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

Is a 6 x Salary Mortgage Right for You?

Brokers like us assess your circumstances and give you advice on whether you can realistically get a mortgage that’s 6 times your income. 

Our goal isn’t to get you the maximum mortgage. That’ll lead to higher interest rate charges. Instead, we’ll come up with a repayment scheme that you’ll be happy with. We aim to guide you to a mortgage with terms that you can afford.

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.

6x Salary Mortgage Acquisition Tips

Tip 1: Consolidate your Income

It doesn’t matter if you’re not a doctor or lawyer or some other top professional. There are other factors to consider when it comes to income. 

Total income includes cash inflow other than your salary. Lenders will look at how much overtime pay you receive. 

They’ll consider bonuses, commissions, and side hustles. In addition, banks will take a look at how much tax you pay. They’ll favour those who have sizable contributions.

For self-employed traders, lenders base the loan amount on your company’s net profit. A good track record and a steady number of customer contracts will also help.

Those with an annual salary of £75,000 and above have a higher chance of getting approved. You can get around this by combining the incomes of two or more members of your household.

What Are Joint Mortgages?

Joint mortgages happen when two to three members of one household combine salaries to take out a loan. This means that you’ll make repayments together. 

You can get a joint mortgage with a partner or even a family member who doesn’t live with you. Of course, all borrowers have to agree to the mortgage first.

You’ll need to talk with your co-borrowers and decide whether you’ll have equal rights over the property. It’s also possible for each to have a different percentage.

In the latter case, a solicitor will have to make a deed of trust for you. Don’t worry, most mortgage brokers have this service.

Tip 2: Get Your Financials In Order

Pay your debts off before you apply for a mortgage. That includes credit card bills. Doing this lowers your debt-to-income ratio.

A good credit score will give you an advantage when it comes to 6 times income mortgages. Lenders will check all your financials and outgoings to make sure nothing is amiss.

How Does Credit Score Affect You?

A credit score is a rating that indicates your trustworthiness as a consumer. The higher the rating, the more trustworthy you are viewed as a borrower.

To improve your credit score, do the following:

  • Use your credit card for purchases. This’ll allow you to build a track record.
  • Make payments on time and in full. 
  • Avoid moving around. Banks need your address to charge you for bills and it’s suspicious if you keep changing your location. 
  • Don’t max your credit limit out. It signals that you may be spending more than your means.
How to Minimise Outgoings

Outgoings are any costs that you have to pay monthly. This includes utility bills, leisure activities, and dependents like children or pets.

To minimise your outgoings, try following these tips at least six months before you apply for a mortgage:

  • Avoid going on vacations. This’ll rack up your average spending amount.
  • Categorise your spending. Keep essentials and eliminate excess costs.
  • Go for cheaper options when shopping for groceries.
  • Don’t purchase pets or make extra monetary commitments.

Tip 3: Increase Your Deposit and Decrease Your Loan-to-Value

A deposit is a mandatory amount you pay to lenders upfront. Most lenders will require you to pay at least 10% of the property value.

In the case of 6 times income mortgages, it’s ideal to have a 40% deposit on the property. 

However, that’s not the only advantage of having a big deposit! Lenders tend to give discounts and lower interest rates to those who can pay more upfront.

The size of your deposit is also closely related to your loan-to-value. Banks consider this when deciding how much they’ll lend you.

What Is Loan-to-Value?

Loan-to-value or LTV is the percentage of your deposit compared to your mortgage. 

For example, if your mortgage is £100,000 and you pay a deposit of £10,000, it means you’re borrowing £90,000 from the lender. This gives you an LTV of 90%.

A lofty LTV means you’re a high risk for lenders. They’ll be less willing to give you the amount you want.

How Does Loan-to-Value Work?

The ideal LTV for lenders is 60%. If you have a higher LTV, banks will charge you more to offset your risk. 

It’ll be harder to pay for your mortgage if your interest rate increases. You can potentially save thousands of pounds just by lowering your LTV!

Tip 4: Prolong Your Mortgage Term

This one is simple. Banks will prefer if you have a longer payment term. A typical payment term is for 25 to 30 years. 

Spreading the mortgage over a long period helps lessen the financial stress on you. You’ll be paying the bank interest for longer, but there’s no need to rush. 

You can use excess cash on other investments that’ll help you generate more income. Channelling your wealth towards paying off your mortgage as fast as possible might cripple you in the long run.

Mortgage lenders understand this principle. They’ll be more likely to give bigger mortgages to those who set reasonable repayment schemes for themselves.

Tip 5: Find a Guarantor

Borrowers who can’t afford to pay for a mortgage on their own can get a guarantor. 

A guarantor promises to pay for your loan in case you’re unable to meet the deadline. They can’t relinquish this responsibility until you’re in a position where you can pay the mortgage off by yourself.

To qualify to have a guarantor, you must meet the following requirements:

  • The guarantor must be a parent or a close relative of the borrower.
  • The guarantor should be a UK resident and have his income paid through a UK bank.

The loan-to-value of the mortgage must be 85% or lower.

Tip 6: Have a Trusted Mortgage Broker

If all of this information is overwhelming for you, then it may be time to leave it in the capable hands of a competent and reputable mortgage broker like When the Bank Says No. Here’s why.

Brokers Have Connections

Our mortgage brokers have contacts with multiple banks and specialist lenders. It’s not a big issue if you have a low credit score. If one lender tells you no, we’ll simply look for another lender that is more likely to say yes! 

There are more loan options as well. We’re here to match you to a mortgage that’s the best for your circumstances. You’ll certainly have a bigger chance to get a 6 times income mortgage with an experienced broker.

You Can Experience Faster Approvals

Lenders are bureaucratic. There are a lot of processes to go through before they can approve your mortgage. It might take months to secure a loan if you attempt to do it yourself.

One of our experienced brokers can help you lessen the wait time. With direct access to lenders, you can often have your loan within 30 days of application.

Brokers know that speed matters in real estate. Getting hold of the funds in quick time may help in securing cheaper or better deals on properties. 

You Can Save on Costs

Having a mortgage broker doesn’t mean things work out more expensive for you. In reality, you could save a lot more! This is because brokers have access to wholesale lenders with lower rates. 

Brokers eliminate middlemen like bank managers and marketing teams that need extra payment. Plus, they have the experience to help you finance tricky deals.

Less Hassle Overall

Brokers are easier to contact than banks. A broker can answer all your concerns through a quick meeting or phone call. On the other hand, if you call a bank or other lender, you’ll often be sent to their automated answering machines.

There’s also less time-consuming paperwork since brokers will handle these for you.

Frequently Asked Questions

I’m a First-Time Buyer. Is it possible for me to get a 6 Times Income Mortgage?

Yes! It’s easy to get a mortgage even if you’re a first-time buyer as long as you meet the criteria. However, nobody’s perfect and first-time buyers often don’t have high credit scores which can affect their options in the mortgage market.

That’s why having a lot of lenders at your disposal is ideal when you’re looking for a large mortgage with a high income multiple. Luckily, we can provide that service for you.

Lenders will always limit how much they are willing to lend to an individual. That’s why it’s common for some of them to approve only four to five times income mortgages.
Other issues may also contribute to this. You can increase your chances and expand your options with a mortgage broker.

The main problem with some brokers is over-promising. Beware of overly cheap deals that are too good to be true. These brokers might tell you what you want to hear to close the deal.

Our broker will tell you what you need to know and tap into our connections to find you a six times income mortgage loan that you’ll be happy with.

For six times salary mortgages, it’s best to go for a long payment term to lessen the financial burden. You can usually spread the mortgage over 25 to 40 years. Only agree to payment terms that you’re comfortable with and won’t leave you financially stretched each month.

No. It’s possible to get a 6 times income mortgage even if you’re not earning above the average annual income in the UK. What you need is the right broker with the right connections who is able to present you to lenders in a positive way.

This is computed as 6 times your annual salary. Lenders may also add 50% of your monthly average on side hustles. That includes money you earn through commissions, overtime, and bonuses.

For joint mortgages, the annual salary of each contributor gets added and multiplied by 6.

You’ll find it harder to get a 6 times income mortgage if you’ve gone through bankruptcy and repossessions. In addition, you’ll likely encounter issues if you have a low credit score and make late payments.

If you have these problems, talk to us to see if you can get the amount that you need

You will usually need at least a 15% deposit or 15% of the property’s value to get a 6 times income mortgage. If you produce a bigger deposit than this, it’ll increase your chances even further. Most lenders would prefer if you make a 40% deposit or more.

Large mortgages will take longer for you to pay off. You need to assess whether you can afford to get one.

Don’t get a mortgage at the maximum amount of what you can pay. Doing so will decrease your funds for a deposit and increase your interest rates.

With the help of one of our trusted mortgage brokers, you’ll be able to receive advice on the challenges that you might encounter. It’s best to talk to one of our team before you decide to buy a pricier home.

Income multiple mortgage summary

With the rising prices of today’s housing, getting a 6 times income mortgage isn’t just a luxury. For many mortgage borrowers, it’s practically a necessity. 

Yet, to get a large mortgage like this means that you’ll need to meet multiple criteria on your income, financials, and credit history. Some people don’t even have guarantors that they can rely on. 

It’s a good thing that our mortgage advisors are here to come up with solutions and help you attain the income multiple financing your dream housing.

Message us today and find out the best 6 times mortgage deals for you!

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