Can you get a mortgage for 5 or 6 times your salary?

How many times your salary can you borrow for a mortgage?

Most high street lenders cap mortgages at 4 – 4.5x your annual income. For example:

• £30,000 salary × 4.5 = £135,000 maximum loan
• £50,000 salary × 4.5 = £225,000 maximum loan

This is designed to make sure you can afford repayments, even if interest rates rise.

But what if that’s not enough to buy the home you want? The good news is that with the help of specialist affordability schemes and first-time buyer mortgages, it may be possible to borrow 5 or even 6 times your income.

Can I get a mortgage 5 or 6 times my salary? 

Yes, you may be able to get a mortgage for 5 or 6 times your salary, but this is not possible for all borrowers. Mortgages which are 5-6x a borrower’s income are typically reserved for those with high incomes, who have good credit scores or who work in specific professions. You can also boost your borrowing capacity through specialist schemes like guarantor mortgages. Keep in mind that in order to qualify for higher borrowing, you’ll need to meet the lender’s eligibility and affordability criteria.

There are different schemes that offer higher borrowing, but in order to qualify for these schemes, you usually need a healthy credit score and a good job in a certain profession. 

Factors which could help you get a 5-6x mortgage:

• High income: Lenders typically reserve 5x income mortgages for borrowers with higher salaries.
• Good credit score: A strong credit history is crucial, as offering a higher loan is riskier for lenders. Borrowers with good credit scores are seen as lower risk.
• Professional status: Some ‘professional’ jobs, such as doctors and lawyers, or key worker roles like nurses are eligible for Professional mortgages or Key Worker mortgages. This may allow you to borrow higher borrowing multiples if you qualify.
• First-time buyers: Some mortgage products have been specifically designed to allow first-time buyers to borrow up more than the standard 4-4.5x times their income. Find out more.

Case study: Sarah the teacher

Sarah is an early-career teacher earning £38,000 a year.

• On a standard 4.5x multiple, the most she could borrow is £171,000.
• With a key worker mortgage, she could borrow up to £209,000!

That extra £38,000 could be the difference between settling for a smaller flat in a not-so-convenient location and buying a beautiful home in her preferred area.

We've listed more information on some of the schemes which offer mortgages 5 or 6 times your salary below. To see which of these options you're eligible for without applying, create a free Tembo plan today.

1. 5.5x Income mortgage

If you’re a first-time buyer, you may be eligible for a 5.5x Income Mortgage. Luckily, you don’t need a large deposit to be eligible for this scheme — the minimum amount you need to put down is 5% of the full property price. You will also need an excellent credit score, and earn at least £37,000 a year if you’re buying a house alone. If you’re buying with a partner or friend you’ll need a joint income of at least £55,000 to qualify. 

Unfortunately, you won’t be eligible for a 5.5x Income Mortgage if you’re self-employed. Take a look at our self-employed mortgages guide to see the other ways you could get on the ladder.

2. Professional or Key worker mortgages

Lenders are often willing to offer mortgages up to 6 times your salary for borrowers who work in a ‘professional’ career. What exactly counts as professional varies from one lender to the next, but this tends to include doctors, nurses, lawyers, accountants and teachers. Hence why these types of mortgages are sometimes called ‘NHS mortgages’ or ‘Blue Light mortgages’.

From a lender’s point of view, professional borrowers are more likely to remain in work and benefit from regular salary increases due to the nature of their profession. This can make them less risky borrowers, giving lenders the confidence to offer a bigger mortgage.

To be eligible for a Professional Mortgage, you’ll need to have qualified in the last 10 years, be registered with the appropriate UK professional body and work in a field related to your profession.

If you’d like to purchase a pre-owned property, you’ll only need a 5% deposit. You may need to save a bigger deposit if you’re buying a new build.

3. Income Boost

Another way you could increase what you can afford to borrow for a mortgage is through the help of a friend or family member. An Income Boost is a type of guarantor mortgage that can help you increase your home buying budget by adding a loved one to your mortgage application as a Booster without adding them to the property deeds. With their income combined with yours, you’ll be able to borrow more for a mortgage.

Keep in mind that as your loved one will be agreeing to be a guarantor on the mortgage, if you’re ever unable to make the repayments they’ll have to step in and help.

4. Tenants in common

Tenants in common lets up to four people purchase a property together. This is a great alternative to renting, where you and your friends or siblings can pool your resources together to afford a property as a collective. Together, you can boost your buying budget and buy a home you really love, rather than the first one you could afford as an individual applicant.

Learn more: Can a group of friends or siblings buy a house together?

5. Shared Ownership

Shared Ownership makes it easier to get on the ladder by letting you part-buy, part-rent a home. It works by purchasing a share of the property that you own, then paying rent to a housing association or developer on the rest. Over time, you can buy more of the property until you are the sole owner. Plus, as you’re only buying a share of the home, these schemes can help you live in a home worth up to 10x your income. 

If you’re struggling to buy a home the traditional way, Shared Ownership can make it easier to take those first steps on the ladder. You’ll only need a small deposit - in fact some schemes let you buy without any deposit - and you won’t need to take out a big mortgage either. 

Shared Ownership is very different to the other schemes and mortgages on this list, but if you’re struggling to boost your affordability and get the loan you need, it could be the answer. 

Learn more: How to get a shared ownership mortgage.

Can I get a mortgage 7 times my salary?

It depends. Lenders tend to reserve 7x salary mortgages for borrowers with a high net worth, but these loans can be risky for both borrowers and lenders — especially during volatile times when interest rates could increase.

Can I get a mortgage 10 times my salary?

Again, it depends. Technically, mortgage lenders don’t use income multiples of this size when calculating affordability, but it may be possible to borrow 10 times your salary by adding at least one extra borrower to the mortgage. You could do this through an Income Boost or a tenants in common mortgage.

FAQs

I work part time — can I get a mortgage?

Yes, but it depends on your circumstances. Lenders will usually make their decision based on how much you actually earn each year, rather than how much you’d earn if you worked full time. This may make it harder to get a standard mortgage big enough for the home you’d like to buy.

The good news is that with the help of an Income Boost, Shared Ownership and a range of first-time buyer schemes, you may be able to bridge the gap between a standard mortgage worth 4 to 4.5x your salary and your chosen property’s price. You can increase your chances by having a good credit history, a record of consistent employment and by speaking to a mortgage broker before submitting your application.

Who lends the most for a mortgage?

It depends on your situation and what schemes you could be eligible for. Different lenders offer different schemes, which you may or may not be eligible for. Working with an expert mortgage broker like Tembo, you can work out your maximum buying budget across different lenders, without applying to each one individually.

If you’ve used a Mortgage Calculator and have found that the amount you could afford to borrow with a standard residential mortgage isn’t enough to get your dream home, talk to us. We specialise in helping buyers, movers and remortgagers increase their affordability and boost their buying budget. It’s why we’ve been voted the UK’s Best Mortgage Broker four years running by our customers!