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What Mortgages are Available at Three Times My Income?

Need a mortgage product based on three times your income? Read the guide from the whole-of-market professionals to ensure your mortgage product is as competitive as possible.

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Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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What Mortgages are Available at Three Times My Income?

There are lots of mortgages available at three times your annual income - and even if a high street bank has turned you down, there are many niche lenders who are likely to be able to help.

Revolution Brokers has collated this guide to explain how mortgage affordability works - and what you might be able to borrow!

For tailored support to find the borrowing you need, give us a call on 0330 304 3040, or drop us an email at [email protected].

Are All Mortgages Capped at Three Times Salary?

No, mortgages tend to fall in the region of between three and 4.5 times your annual income. They can be higher or lower, depending on the circumstances and the lender.

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Am I Eligible for a Mortgage at 3 x my Income?

Possibly yes, since a three times salary multiplier is relatively typical. A lender will assess your application to see if you meet other eligibility criteria such as credit history checks and affordability calculations.

Where there are several issues, such as having a low deposit and bad credit, it is usually best to work with a specialist broker who can recommend the lenders who will be happy to lend to you.

What Deposit is Required for a Mortgage at Three Times Annual Earnings?

First, a lender will need to know what the property in question is worth. This figure is then compared to the mortgage application amount to arrive at a Loan to Value percentage, or LTV ratio.

For example, if you want to buy a home worth £200,000 and have a deposit of £50,000, you are looking for a mortgage of £150,000 or at a 75% LTV.

The higher the deposit, the lower the LTV and the less risky the application. You can usually get a UK mortgage with as little as a 5% deposit, although there are 100% mortgages available in particular circumstances.

What Mortgage Can I Afford to Repay on my Salary?

While it is usually possible to borrow three times your salary, it's vital to know you can afford to keep up with the repayments. For example, on a wage of £40,000, you could borrow up to £120,000.

Lenders won't only consider your salary, but also any other debts you have, your credit file, and other outgoings.

You will need to provide documentation such as bank statements and payslips to evidence these figures.

Can I Get a Mortgage at Three Times Salary if I Have Bad Credit?

The chances of acceptance with bad credit depend on the mortgage lender. Each provider will have a different policy when it comes to accepting clients with bad credit.

If you are borrowing a relatively low multiple of three times your salary, it's more likely that you will be approved with bad credit issues, since this is a much lower risk than a higher value.

Can I Get a Non-Standard Property Mortgage at Three Times Income?

Lenders typically find it trickier to lend against any home that isn't standard - i.e. a property with a timber frame, or thatched roof.

Loan to value ratios on such properties are restricted, and some mainstream lenders won't extend a mortgage offer on an unusual property.

However, plenty of niche lenders can help - give us a call on 0330 304 3040, and we'll advise on the best options.

Can I Get a Three Times Income Mortgage in Retirement?

Retirement and later life lending depend on the mortgage provider. Some lenders have an age limit of 75, others 85, and some have no maximum at all.

It can be challenging to negotiate the terms since a lender will want some assurance that you will make the repayments. Get in touch with the Revolution Brokers in this situation, and we'll recommend the best products and most competitive later life mortgage lenders.

Are There Circumstances Where I Cannot Get a Mortgage at Three Times My Income?

There can be any number of unusual situations where you need a mortgage at three times your salary. Anything outside of the norm is best to negotiate through a broker who will know which lenders can accept your lending application:

  • Buy to let mortgages are usually based on the projected rental income, so this may limit how much you can borrow, regardless of your income.
  • Second mortgages tend to be stricter when it comes to affordability testing. The lender needs to be confident that you can make repayments on both this loan and your existing primary mortgage.
  • Self-employed applicants may find that high street banks struggle to support an application since their earnings can fluctuate. If you have been trading for less than three years, a specialist lender is almost certainly your best bet.

How Can a Mortgage Broker Help Me Get a Mortgage at Three Times Salary?

Business loan broker has years of experience and is wholly independent. With access to the whole market, we can recommend any product from any lender that we think best suits your borrowing needs, and negotiate the terms on your behalf.

Give us a call on 0330 304 3040, or send an email to [email protected] and we'll match your circumstances with the lender who is best placed to help.

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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