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Need a mortgage up to 6 times your income?

If you need to maximise your borrowing, we have direct access to a very special, limited edition range of residential mortgages which are available up to six times your income. Yes, that’s right, SIX times income. Compared to other mortgage lenders, this is unheard of as the majority cap their income multiples at 5 x income and some at even less than this figure.

THIS PARTICULAR LENDER IS NO LONGER OFFERING MORTGAGES AT SIX TIMES INCOME. DON'T PANIC - WE DO HAVE ACCESS TO A LENDER WHICH IS!

>> REQUEST MORE INFORMATION

Who can borrow this much?

Like any other lender, whilst you do have to meet the general borrowing criteria, this range is not just for permanently employed people on high salaries; it is also available to:

  • Professional landlords – there’s no limit on the size of portfolio
  • First-time buyers
  • Self-employed and contractors
  • Older borrowers - you can be up to 85 when the mortgage finishes, and the lender will use the rental income past retirement age when calculating affordability (the high street lenders won’t do this)
  • People with multiple sources of income – as long as you can show where the income is from

Loan purposes

These limited edition home-buyer/owner mortgages are available on both purchases and remortgages of main residences, including if you’re looking to upsize or even raise capital to invest in buy to let or consolidate debt.

Assessing affordability

The lender will consider interest-only terms as this recent case study of mine demonstrates.

The lender can also use the interest-only payment figure when calculating affordability, rather than capital and interest terms which means you could further increase the amount available to borrow.

Recently, we had a first-time buyer come to us saying that their bank would lend them £166,000 and could we get them any more. Based on the multiple of six times income, we were able to get an agreement in principle for £216,000 – that’s an impressive £50,000 increase!

What else can I tell you?

If you’re looking to raise capital to pay off any unsecured debt, the lender will exclude the amount you owe from its affordability calculation, although do be aware that the lender will ask your solicitor to ensure that the unsecured debt is repaid when the funds are released.

This lender takes a common-sense approach to underwriting and because it is also a major player in the buy to let market, it is really accommodating to landlords.

Added to this, its mortgage processing times are pretty speedy, so if you need a deal done quickly, it’s a good option. And it will throw in a free valuation for good measure on both purchases and remortgages.

What mortgage rate can you expect to pay at 6 times income?

This lender allows borrowing up to a maximum of 85% loan to value for both purchases and remortgages. Whilst not the lowest in the market, pricing is still very competitive. Based on 75% LTV it has a two year fixed rate at 2.89% (4.77% APRC).

Far better in my opinion, is the five year fixed rate at 3.15% (4.37% APRC) which will protect you against potential rate rises for the next five years. In today’s uncertain economic climate, it really is worth considering.

As you might expect, rates are slightly higher when borrowing up to 85% LTV.

Please note, this is a limited edition range. These rates won’t be available for long, so if you’re interested, do get in touch as soon as possible.


THIS PARTICULAR LENDER IS NO LONGER OFFERING MORTGAGES AT SIX TIMES INCOME. DON'T PANIC - WE DO HAVE ACCESS TO A LENDER WHICH IS!

>> MORE INFORMATION

How can you get one of these mortgages?

  1. Call me directly on 01732 471668 to discuss how one of these mortgages might work for you.

  2. Call the main line on 0345 345 6788 to speak to any of my colleagues on the Residential Desk.

  3. Email me with your borrowing requirements

  4. Request a call – and we’ll call you back at your convenience.

  5. Fill in a fact find form and email it back to me at petec@mortgagesforbusiness.co.uk and we’ll start the application process.



ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
 

 

**Fixed at 3.15% for 5 years (to 31/01/2023), reverting to Lender’s Standard Variable Rate – 0.36% (SVR currently 4.99%, variable). For purchases and remortgages. Early Repayment Charge: 5% of the outstanding loan if the mortgage is repaid before 31 January 2019, 4% of the outstanding loan if the mortgage is repaid before 31 January 2020, 3% of the outstanding loan if the mortgage is repaid before 31 January 2021, 2% of the outstanding loan if the mortgage is repaid before 31 January 2022, 1% of the outstanding loan if the mortgage is repaid before 31 January 2023 . Overall Cost for Comparison: 4.37% APRC. Loan to Value: 75% loan to value up to £1m. Lender Arrangement Fee: £999. Broker Fee: An administration fee of £100 is due on receipt of an Agreement in Principle from the lender. A broker fee of £597 is then due if we are able to get you an acceptable, formal mortgage offer from the lender. Alternatively, we will rebate to you any commission paid by the lender to us and charge you a broker fee of typically 1% of the total loan amount (exact percentage will depend upon the size and complexity of the mortgage application). Repayment Options: Interest only or Repayment.

**Fixed at 2.89% for 2 years (to 31/01/2020), reverting to Lender’s Standard Variable Rate – 0.36% (SVR currently 4.99%, variable). For purchases and remortgages. Early Repayment Charge: 3% of the outstanding loan if the mortgage is repaid before 31 January 2020. Overall Cost for Comparison: 4.77% APRC. Loan to Value: 75% loan to value up to £1m. Lender Arrangement Fee: £999. Broker Fee: An administration fee of £100 is due on receipt of an Agreement in Principle from the lender. A broker fee of £597 is then due if we are able to get you an acceptable, formal mortgage offer from the lender. Alternatively, we will rebate to you any commission paid by the lender to us and charge you a broker fee of typically 1% of the total loan amount (exact percentage will depend upon the size and complexity of the mortgage application). Repayment Options: Interest only or Repayment.

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