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Mortgages at 6 x Income

Most lenders offer up to four or five times your earnings as a maximum mortgage. Here we discuss the opportunities to find more flexible lending based on six times your yearly income.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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Can You Get a Mortgage At 6x your Income?

Mortgages at six times your salary are unusual - but not impossible!

The Revolution Brokers team has compiled this short guide to give you an oversight into what circumstances a lender will consider a higher salary multiple - and how to improve your chances of approval.

For bespoke advice with securing a higher mortgage value, give us a call on 0330 304 3040, or email the team at [email protected].

Are There Mortgages Available at Six Times My Salary?

There are, but this type of home loan is far rarer than a more typical mortgage of around four times annual income.

Some niche lenders will offer higher multiples, although this depends on meeting all other eligibility criteria.

As an experienced, whole-of-market broker, if there is any likelihood of finding you a mortgage at six times your salary, Revolution Brokers will find it for you!

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What are the Criteria for a Mortgage at Six Times Income?

The reason this level of loan is so unusual is that it's considered a higher risk, and most lenders will need a significant level of assurance to consider it.

Most mortgages are limited by the Bank of England regulations, with lenders restricted to ensuring that no higher than 15% of the loans they extend are at 4.5 times income or higher.

Therefore, you'll find that a 6x mortgage is reserved for professionals with substantial confidence that the loan will be repaid - such as solicitors, engineers and accountants.

You can improve your chances of approval, for example, by having a guarantor, or a stable employment history if you are a sole trader.

Can I Get a 6 x Income Mortgage as a Joint Applicant?

Joint applications can usually borrow more than a single applicant since both people's income will be used to calculate the affordability. In effect, if you and your partner earn a similar salary, you can double the mortgage value by applying together.

There are scenarios where you can take out a mortgage with as many as four applicants on the paperwork, but the lender will only consider the two highest earners' salaries.      

Who is Eligible for a Mortgage at 6 x Annual Earnings?

Lenders will consider lots of different factors, and their eligibility criteria will depend on their internal policies:

  • Employment status - whether you are employed, self-employed, or a Ltd company director. Variable income streams based on commissions and bonuses can be more complex.
  • Credit scoring - to apply for a higher multiple mortgage, you will usually need a clear credit history with no record of serious arrears.
  • Loan to value - the higher the mortgage level against the value of the property, the higher the risk. Therefore, a substantial deposit makes it more likely that you will be approved for a mortgage at 6 x salary.

Can I Get a Mortgage at Over Six Times My Annual Income?

No - 6 x annual salary is the limit on UK mortgages.

If you need a higher value loan, get in touch, as there are other options such as secured loans that might solve the problem.

How Do 6 x Income Mortgages Work?

The key thing to remember is that most lenders will not offer this high a mortgage - and therefore, you can expect the interest rates to be high.

It's also essential to know how much the repayments are going to cost and establish whether you will keep up with the mortgage for the term.

Which UK Lenders Offer 6 x Income Mortgage Products?

There are very few lenders offering this sort of mortgage; currently, Hodge Lifetime and Kensington Mortgages are two options.

Some other lenders can offer flexibility around income calculations - but whether they will grant a 6 x salary mortgage depends on the circumstances.

The best way to find a higher salary multiple is to contact a whole-of-market broker who can negotiate the terms on your behalf.

Expert Support with Finding a Six Times Salary Mortgage

As a whole-of-market, independent broker, if there is a six times salary mortgage on the UK market, business loan broker has access to it.

Give us a call on 0330 304 3040 or email at [email protected] and let's get started!

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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