Can i get a mortgage more than 5 times my salary?

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Aracely Pacocha asked a question: Can i get a mortgage more than 5 times my salary?
Asked By: Aracely Pacocha
Date created: Fri, Jun 11, 2021 12:15 AM
Date updated: Sat, Jan 15, 2022 10:09 PM

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Top best answers to the question «Can i get a mortgage more than 5 times my salary»

What size mortgage will the mortgage lenders let you have based on your income? It is possible that you will be able to borrow 4.5 times your salary and possibly even 5 times your salary.

FAQ

Those who are looking for an answer to the question «Can i get a mortgage more than 5 times my salary?» often ask the following questions:

💰 Is mortgage 3 times salary?

Is a mortgage 3 times your salary? Not necessarily… Most lenders offer eligible borrowers mortgages based on 3-4.5 times their income, but others go higher than this, under the right circumstances. You can read more about this in our guide to income multiples.

💰 How many times salary is mortgage?

The easiest option is to use income multiples. In the current conservative lending climate, most lenders will offer a maximum of four times a single applicant's base income, or about three times a joint income. Some lenders will go higher under certain circumstances, while others are more restrictive.

💰 Which mortgage lenders will lend 5 times salary?

Nationwide will allow people looking to get on the housing ladder to borrow 5.5 times their annual income, more than the 4.5 loan-to-income ratio most lenders offer. However, borrowers will need to take out one of the building society's standard five or ten-year fixed rate mortgages in order to benefit.

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7 other answers

The answer is “yes” but it depends on your personal circumstances but its not going to be easy to get a mortgage over five times salary. In short the maximum income multiples are currently sitting around 4 to 5 times salary for most applicants who do not have children.

Should you borrow 5.5 times your income? You should think long and hard about your future earnings and job security before taking out a mortgage at up to 5.5 times your salary. The larger the loan, the longer it will take to pay off. You may also increase the risk of failing to make repayments, potentially costing you your home.

And that’s because income is only one small part of the mortgage equation. When all things are considered, like your debt, down payment, and mortgage rate, you might find you could borrow as much...

5.5 times annual income. Barclays offers three and 10-year fixed-rate mortgages at five-and-a-half times income, but only at up to 60% LTV. 5 times annual income. Five lenders – Barclays, Virgin Money, Cambridge Building Society, Ipswich Building Society and Teachers Building Society – grant mortgages at five times annual income.

It is possible that you will be able to borrow 4.5 times your salary and possibly even 5 times your salary. This would be based on you having no debt and an average UK salary or higher. In this guide, we will let you know how the different banks and building societies calculate how much they can lend you.

There is absolutely no point in giving a mortgage to someone who cannot afford it - every day we see the human fall-out from the repossessions that often follow.' Alliance & Leicester claimed it...

A To get a mortgage of £325,000, you would have to be able to borrow just over 5.8 times your husband’s total salary (including bonus) which, surprising as it may seem, is not an impossibility.

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Video answer: First time buyer mortgage that gives you 5.5…

First time buyer mortgage that gives you 5.5… How many times my salary can i borrow on a mortgage?

Most mortgage lenders use an income multiple of 4-4.5 times your salary, some offer a 5 times salary mortgage and a few will use 6 times salary, under the right circumstances to work out how much mortgage you can afford.

How many times my salary can i get for a mortgage?

Most mortgage lenders use an income multiple of 4-4.5 times your salary, some offer a 5 times salary mortgage and a few will use 6 times salary, under the right circumstances to work out how much mortgage you can afford.

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Salary is just one part of the mortgage equation

And that's because income is only one small part of the mortgage equation. When all things are considered, like your debt, down payment, and mortgage rate, you might find you could borrow as much as 6 or 7 times your salary for a mortgage.

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Should i work with more than one mortgage broker?

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