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Mortgage on 5.5 x Salary

Looking to maximise your mortgage offer and need a lender who will extend a loan of 5.5 of your annual income? Let's see which lenders have the most flexible application requirements and offer higher mortgage multiples.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
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Mortgage Based on 5.5 Times Your Salary

Suppose you're looking for a mortgage at 5.5 times your annual salary. In that case, the best option is always to consult an independent broker who can recommend lenders who are likely to approve your application.

This level of lending is higher than usual but is by no means impossible when applying to the right lenders, knowing that you can meet their eligibility requirements.

For bespoke advice on securing a mortgage at 5.5 times your annual income, give us a call on 0330 304 3040, or email the team at [email protected].

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How Easy is it to Get a Mortgage at 5.5 Times my Income?

It isn't the norm, but it is not impossible. Not every lender will offer this high a multiple of your salary, and it's vital to comply with other conditions to be accepted.

The best way to find higher income multiples is to work with an independent broker who can negotiate terms on your behalf.

What Salary Level Do I Need to Be on to Get a Mortgage at 5.5 x Salary?

The requisite income level will depend on the policies of the lender. Most applicants achieving this sort of mortgage will be a higher income earner at around £100,000 or above per annum.

However, professionals can also secure high-income multiple salaries. That applies to roles such as solicitors, accountants and doctors. In this case, your income is very likely to increase substantially over time, and therefore the application is less risky.

How Can I Apply for a Mortgage at 5.5 x My Annual Earnings?

There isn't as wide a choice of lenders for higher mortgage lending calculations, and of those lenders, criteria vary significantly.

Lenders will initially need to review your salary, employment type, and what sort of existing outgoings that income needs to cover.

Expenses might include utilities and council tax, other debts and repayments, and general living costs such as caring for dependents.

The key to applying successfully for a mortgage at 5.5 x salary is to know which lender's criteria you comply with, before applying.

How Can a Broker Help me Get a 5.5 x Income Mortgage?

An independent broker isn't tied to any one bank or lender and can offer recommendations based on an overview of all the mortgage products out there.

Revolution Finance Brokers is a whole-of-market broker, which means we can advise on any mortgage offer that we think is best suited to your needs - including off-market products that are only available through professional brokers.

How Can I Calculate the Maximum Mortgage I Can Get?

Each UK lender has a different policy but will rely on information to calculate the maximum they can lend, including:

  • What type of employment you are in, and how secure that career is.
  • How much you earn, and variables such as bonuses, overtime and commissions.
  • The Loan to Value ratio, and how much you wish to borrow in relation to the total property value.

The deposit available will also determine the maximum you can borrow - in most cases, 10% is the absolute minimum, but there are a select few 5% deposit mortgages on the market.

Can I Get a 5.5 Times Salary Loan as a Single Applicant?

You might be able to, yes, if you have a sufficient salary and pass the affordability checks to prove you can afford to keep up with the repayments.

Are There Joint Mortgages at 5.5 Times Household Income?

Joint mortgage applicants can usually borrow more than single applicants since the lender has two salaries to calculate the maximum they can lend against.

Both applicants will be subject to credit history checks and responsible for keeping up with the mortgage repayments.

What are the Other Eligibility Criteria in a 5.5 Times Salary Mortgage?

Other factors will dictate whether a lender can approve your application for a mortgage at 5.5 times salary, including:

  • Your credit score - the cleaner your credit record, the more likely you are to be approved.
  • Your age - older applicants can be deemed a higher risk, and some lenders cap their applicant ages at 75 or 85 - whereas others have no limits.
  • The property - if you want to buy a non-standard property, you might find it more challenging to get a mortgage at 5.5 times salary, as unusual homes are considered a higher risk prospect.

Can I Borrow More than 5.5 Times my Salary?

The maximum available anywhere on a mortgage is six times your salary. This level of funding is reserved for higher-income earners and established professionals.

You can sometimes get a higher rate mortgage if you have another way to offset the lender's risk - such as a large deposit, or additional security to offer.

Alternatively, you could consider a different type of lending than a mortgage. Secured loans, for example, or usually available at as high as 10 x your annual income.

Professional Help with Finding a 5.5 x Salary Mortgage

If you're interested in a higher value mortgage and would benefit from independent advice about the best lenders to apply to, get in touch with Revolution Brokers.

We are an experienced firm with years of expertise negotiating bespoke mortgage terms for all sorts of clients. Get in touch at 0330 304 3040, or email us at [email protected].

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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