Can I Borrow Six Times My Income For Mortgage?
- Adrian Collins
- May 30
- 4 min read
Updated: Sep 15
The answer is YES! Some lenders will now let you borrow up to six times your income to buy a house.
Getting on the property ladder is a struggle, especially for first-time buyers or young professionals. House prices are sky-high, particularly in cities like London. It used to be that banks would only lend you about 4 or 5 times what you earn in a year. But now, some lenders are offering 5, 5.5, or even 6 times your salary! In this blog, we'll explain how these bigger loans work, who can get them, and how to get one yourself. Let's learn more!
So, what exactly is it to Borrow Six Times Income For Mortgage?
Simply put, it means a lender is willing to give you a mortgage that's up to six times your yearly earnings to purchase a property. Let's say you earn £45,000 a year; with this type of mortgage, you could potentially borrow £270,000! That's more than the usual 4.5 times income limit, giving you a bigger budget, particularly useful in pricier areas of the UK.
However, before you get too excited, remember that not everyone will be able to borrow six times their income for a mortgage. Lenders have thorough checks to make sure you can afford the repayments, and these mortgages are usually reserved for borrowers who meet specific criteria.
Why Consider a Six Times Salary Mortgage?
There are a few situations where borrowing at a higher income multiple makes sense:
Buying in Expensive Areas: If you want to buy in high-cost areas where property prices are well above average incomes, a higher LTI mortgage can make this possible.
Career Growth Potential: These mortgages are often aimed at professionals like doctors, solicitors, architects, and accountants who are early in their careers but expect their income to grow significantly.
First-Time Buyers with Strong Finances: If you’re a first-time buyer with a steady income, good credit, and a decent deposit, a 6 times salary mortgage could help you get on the property ladder in competitive markets.
Be mindful though that borrowing more comes with its risks, like higher monthly payments and greater exposure to rising interest rates. It’s important to weigh up these factors carefully before choosing this option.
Key Benefits of Six Times Salary Mortgages
Enhanced Purchasing Power: Gain access to more expensive homes or better neighbourhoods.
Flexibility for Professionals: Designed with high-income or high-potential professions in mind.
Lower Deposits: Some lenders offer competitive deposit requirements, as low as 5%.
Who Qualifies for a Mortgage Six Times Their Salary?
Professional Occupations: Many lenders favour professionals like doctors, accountants, architects, engineers, and solicitors due to their career stability and growth potential. These professions are generally seen as lower risk.
Higher Income Earners: Individuals earning £35,000 or more annually (or a combined income of £55,000 for joint applicants) are generally more likely to qualify. However, eligibility criteria can vary between lenders.
Solid Credit History: An excellent credit score is essential. A good financial track record reassures lenders that you can manage higher repayments.
Adequate Deposit: Deposit amounts vary, but putting down a larger amount, usually 10–15% of the property's value, can greatly improve your chances of approval. In some cases, you might qualify with a deposit as low as 5%, still allowing you to borrow up to six times your income.
Pros and Cons of Six Times Salary Mortgages
Pros
Opens doors to properties previously out of reach.
Flexible options for high-earning professionals.
Useful for young professionals expecting significant income growth.
Cons
Higher borrowing costs, with some lenders charging above-average interest rates.
Limited availability, with lenders only allowing a small percentage of these mortgages due to regulations.
Increased financial risk if the base interest rate rises.
Tips to Improve Your Eligibility
If you're considering a mortgage with a 6x income multiple, make sure you’re prepared.
Build Your Credit Record
Check Your Score: Use agencies like Experian or Equifax to review and improve your credit score.
Reduce Debt: Pay off loans or credit cards to increase your affordability.
Stay Up to Date: Address any errors or outdated information on your report.
Stabilise Employment and Income
Employment Type: Lenders prefer stable, full-time jobs over contract or freelance work.
Request a Pay Rise: A higher salary could significantly raise your borrowing limit.
Prepare Documentation
Gather key documents, including:
P60 forms
Last three months of payslips
Utility bills or council tax statements (be sure you're registered to vote at your current address!)
Recent bank statements
Evidence of your Deposit
Save a Larger Deposit
Even with access to higher multiples, a strong deposit may improve the terms offered by lenders.
Should You Consider a Six Times Salary Mortgage?
These mortgages offer more flexibility, but they’re not the best choice for everyone. It’s important to assess your ability to make long-term repayments, especially with fluctuating interest rates.
For young professionals and first-time buyers focused on career growth, this type of mortgage can help you enter the housing market sooner, without waiting years to save.
If you’re unsure about your options, speaking with a mortgage adviser or broker can simplify the process and help you find the right product.
Unlock Your Homeownership Goals
Don't let high property prices hold you back. With the right lending options and guidance, you can step onto the property ladder and secure your dream home.
To explore your eligibility for 6 times income mortgages and unlock your true borrowing potential................
Your home may be repossessed if you do not keep up repayments on your mortgage.
Published by Beechwood Mortgages Ref: 219335 with review and approval from Stonebridge Mortgage Solutions Limited who is authorised and regulated by the Financial Conduct Authority Ref: 454811.
Comments