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Can I Get a Mortgage at Seven Times My Salary?

Mortgage lenders tend to cap affordability at about four or five times your income - so what happens if you need to borrow seven times your annual earnings? Read on to find out!

Getting a mortgage 7x Your Salary

Even if you are confident that you can afford the mortgage repayments on borrowing at seven times your salary, this sort of borrowing is unusual, and at a much higher salary multiple than you are likely to find.

Here, we'll look at what sort of lending options are available at this salary multiple, and how to increase your approval chances.

For bespoke advice about borrowing at seven times your salary, get in touch with business loan broker on 0330 304 3040, or email the team at [email protected].

Are There Mortgage Products Available a Seven Times Income?

Generally no, mortgages go up to six times your annual salary as a maximum. However, there are other home loans available that have the potential to offer more - we'll run through them here and how they compare.

What Alternative Lending Products Can Offer 7 x My Income Instead of a Mortgage?

If you need a mortgage to the value of seven times your salary, a traditional mortgage isn't the best option since these reach up to six times annual income.

However, there are several options to consider:

  • Increasing your deposit - this doesn't just have to be in the form of cash. There may be other assets available to use as security or revenue streams to put towards your total income figures.
  • Secured loans are the most popular way to get a mortgage at this level. You can use other assets towards the borrowing and achieve as much as 10 x your annual earnings.
  • Joint mortgages are also a way to increase your mortgage offer. Say you earn £35,000 a year; you will not find a lender who can offer £245,000 on a mortgage. However, if you apply with a partner who earns, say, £32,000 a year, together you will qualify for a mortgage of up to around £268,000 on a 4 x income multiple.
  • Remortgaging is another option to raise capital, and you can use this capital as a larger deposit to enable you to lower the LTV and finance the balance via mortgage borrowing.
  • Equity release products such as lifetime mortgages are an alternative if you are borrowing later in life. This sort of product is available to applicants aged 55 and above, and you could release equity to use as a deposit towards a new investment.

What Other Eligibility Criteria Apply When Looking for a Significant Mortgage Value?

If any of the above options sound appealing, do get in touch. There are always other borrowing options, so evaluating your circumstances and working out the best choices for you is ideal.

As well as income, lenders will consider factors such as:

  • Your credit history - a clear credit history will make it easier to find lending of this value. Much depends on when any credit issues occurred, and how severe they were, and there are also specialist bad credit lenders who can help.
  • The property - a buy to let investment is a different proposition since a lender doesn't rely so much on your salary as on the anticipated rental income. Although you'll usually need a 15% to 25% deposit as a minimum, you could potentially borrow more if the income will cover the interest-only mortgage payments by a large enough margin.

Professional Help with Finding a Mortgage at Seven Times Income

Securing borrowing at seven times your annual salary is a challenge, but there are alternative funding options out there. By consulting an independent broker, you give yourself the best chance of success, by reviewing all the products on the market and analysing the ideal course of action based on your circumstances.

Give us a call on 0330 304 3040 for independent advice from a whole-of-market broker or send us a message to [email protected].

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