Borrowing six times your income is back

Written by Gavin Richardson

Only available via five intermediaries, including Mortgages for Business, we are delighted to be able to offer customers the chance to borrow up to six times their income.

Most mortgage lenders cap the amount you can borrow to five times your income. A few will make you jump through hoops to borrow five and a half times your income. But now we have been given semi-exclusive access to a small range of mortgages where the lender will allow the applicant (or applicants) to borrow up to six times their income.

These mortgages are only available via five intermediaries including Mortgages for Business!

As you might imagine, you will have to measure up to the borrowing criteria which means you must have a good credit profile and be earning in excess of £100k per year.

What? £100k per year? Ok, that’s quite a bit but the get out jail card is that there can be two applicants on the mortgage which makes these products more achievable.

The other good bits include:

You only need a 10% deposit
This lender will go up to 90% loan to value but you must take a five year fixed rate if you want to borrow six times your income.

Multiple and complex income streams considered
Increasingly people have more than one job or source of income. With this lender that’s OK as long as you can show where that income comes from. And if you receive a regular bonus, it will take that into account when assessing affordability.

Self-employed and contractors accepted
This lender doesn’t need you to be in permanent, salaried employment. You can be self-employed or a contractor and you only need to show one year’s trading figures. The lender will look at your salary, dividends or retained net profit after tax.

Interest only terms available
If your maximum loan to value is no more than 75%, you can borrow on interest only terms without having to have a minimum amount of equity in the property. You can also borrow on part interest only / part repayment up to 90% LTV.

These products are for borrowers making purchases and remortgages and at the moment, we are not sure how long they will be available. As you might expect, the rates are not the lowest available but they are certainly not the highest, so if you would like to find out how they might work for you, do get in touch to talk through the options.

Contact me

Arrange a call back at a time to suit you

Call the Residential Desk on 0345 345 6788