Key mortgage insights from one of our Partners
Lawrence Robbins F.P.C/M.A.Q
Yes, there are 6 times salary mortgage lenders on our panel.
What you will need
To obtain a 6 x salary mortgage you will need:
- Clean credit record
- Household income (pre-tax) of £100,000 or more
- Professional status (Actuary, Barrister, Accountant, Pilot, Dentist, Doctor, Solicitor)
- Minimum 10% deposit
These products are not designed for borrowing under £500,000, so you MUST meet the income criteria
How can 6 times salary mortgage lenders be so generous?
Mortgage affordability calculations are made based on your income and outgoings, and the interest rate you are expected to obtain.
In order to allow for later increased costs in the event of mortgage rate rises, lenders will apply a stress test to your calculation which will usually limit borrowing to 4 to 4.5 x income.
Our 6 x salary mortgage lenders offer long-term fixed mortgage rates which remove the risk of future rate rises.
6 times income mortgages for the self-employed
Our lenders will also offer 6 x income mortgages to self-employed applicants.
Affordability can be based on most recent year's income alone.
When should I consider a 6 x salary mortgage?
A 6 times salary mortgage is useful if you live in one of the more expensive mortgage areas of the Country, or if you have seen your ideal home that would ordinarily be out of your budget.
Since the mortgage products available are designed for stability they will tend to carry early redemption penalties. You should therefore expect to wish to maintain the property and the mortgage for the medium to long term.
You can use a small or large deposit for your purchase but expect to put down at least 10%.
If you are considering a high value property but the stamp duty land tax costs are eating into your available funds, these 6 times income mortgages can be particularly useful.
If you are in a Professional Role, where your income is likely to increase substantially in the coming years, these products can be really useful. Although you stretch affordability today, the fixed rates offered give you stability whilst your income catches up with your lending.
Remortgage?
Six times salary mortgage is also available for remortgage - ideal if:
- Your income has dropped since your initial purchase
- You are looking to raise extra for refurbishment
- You have moved from two incomes to a single income
- You are buying a partner out