With house prices climbing higher and faster than ever, many buyers are finding they need mortgages with higher income multiples to secure their dream home. While most lenders typically offer 3.5x to 5x your income, there are ways to get a mortgage up to 6x your income—though it’s not for everyone and will depend on your circumstances.
In this guide, we’ll break down how to increase your chances of securing a higher multiple, alternative options to consider, and answer some common questions along the way.
What Is an Income Multiplier?
An income multiplier is the method lenders use to calculate how much they’ll lend you based on your annual income. For example:
• 4.5x income: On a £50,000 salary, you could borrow up to £225,000.
• 6x income: With the same salary, you could borrow up to £300,000.
While the average cap is 4.5x, some lenders offer higher multiples for borrowers with strong financial profiles, high incomes, or larger deposits.
Why Would You Need a 6x Income Mortgage?
In today’s housing market, where house prices seem to rise faster than wages, a 4.5x income mortgage often isn’t enough to buy the property you want. A 6x mortgage can be particularly useful if:
• You’re buying in a high-cost area (e.g., London or the South East).
• You have a stable, high income but limited savings.
• You’re upgrading to a larger home to accommodate your family.
However, qualifying for 6x income mortgages isn’t straightforward and depends on factors like your income, deposit, and expenses.
Who Qualifies for a 6x Income Mortgage?
Not everyone will be eligible for a mortgage with a higher income multiplier. Here are the key factors that can boost your chances:
1. High Incomes
• Many lenders offer higher multiples (5x or 6x) for those earning £70,000 or more annually, as they’re seen as lower risk.
• If you’re in a professional field (e.g., doctor, solicitor, accountant), some lenders have special products designed for your needs.
2. First-Time Buyers
• First-time buyers often have access to special deals, including higher multiples, especially if you’re using schemes like Help to Buy.
• For example, Nationwide offers up to 5.5x income for first-time buyers earning £31,000+ and meeting their affordability criteria.
3. Larger Deposits
• The larger your deposit, the less risk you pose to lenders. A 15-25% deposit can make lenders more willing to offer higher income multiples.
4. Specialist Lenders
• If you don’t meet mainstream criteria, specialist lenders can help. They’re more flexible with unique circumstances but often charge higher interest rates.
5. Working with a Mortgage Broker
• A mortgage broker can identify lenders willing to offer 6x income mortgages based on your specific circumstances. They’ll save you time and connect you with lenders you may not have considered.
Which Lenders Offer 6x Income Mortgages?
The best lender for you depends on your situation. Here’s a breakdown:
High Street Lenders
Some high street lenders will offer higher income multiples for the right applicants:
• Nationwide: Offers up to 5.5x income for first-time buyers with solid affordability.
Specialist Lenders
If high street lenders don’t meet your needs, specialist lenders may be more flexible:
• Kensington Mortgages: Great for borrowers with complex incomes or unusual circumstances.
• Precise Mortgages: Known for working with self-employed and freelance applicants.
• Clydesdale Bank: Offers higher income multiples for professionals and high earners.
Note: Specialist lenders often charge higher interest rates or require larger deposits, so consider the long-term costs.
Alternative Ways to Boost Borrowing Power
If a 6x income mortgage isn’t an option, there are other ways to increase how much you can borrow:
1. Joint Borrower, Sole Proprietor (JBSP) Mortgages
• A JBSP mortgage lets a family member or partner add their income to your application without co-owning the property.
• This is popular among first-time buyers who need a financial boost.
2. Guarantor Mortgages
• With a guarantor mortgage, a family member agrees to cover your repayments if you can’t. This added security can convince lenders to lend more.
3. Joint Mortgages
• Combining incomes with a partner, family member, or friend can significantly increase your borrowing capacity. Just remember, everyone on the mortgage is equally responsible for repayments.
4. Specialist High-Income Products
• Some lenders offer bespoke products for professionals (e.g., doctors, solicitors) with high earning potential. These products often allow for higher multiples.
How Strive Can Help
At Strive, we’re experts in helping people maximise their borrowing power and achieve their property goals. Whether you’re a first-time buyer, self-employed, or looking for a specialist product, we can guide you to the best lenders and deals tailored to your unique circumstances.
We understand that navigating the mortgage market can feel overwhelming—especially when you’re aiming for a higher income multiple. Our experienced brokers work closely with a wide range of lenders, from high street names to specialist providers, ensuring we match you with the right option to make your dream home a reality.
Ready to explore your options? Let us help you take the next step towards securing your ideal mortgage.
FAQs About 6x Income Mortgages
Yes, it’s possible. Lenders like Nationwide offer higher multiples for first-time buyers with stable incomes and good credit.
Most lenders will want at least 10-15% deposit, but a larger deposit (20% or more) can increase your chances.
Usually, yes. Specialist lenders or high street products with higher multiples often come with higher interest rates or stricter affordability tests.
Yes. Stable, high-earning jobs are attractive to lenders. Some professions (like medicine or law) may qualify for specialist products with higher income multiples.
Absolutely. A broker can identify lenders that fit your unique circumstances, saving you time and potentially getting you a better deal.
Ready to take the next step? Contact Strive today and let us help you unlock your full borrowing potential!
