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Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 4.75 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 5.5 times your household income, a salary multiple you will struggle to get without a broker. 5.5 times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Get StartedWhat Our Clients Say About Us
Securing a mortgage can be a daunting process, especially if you’re aiming for a high multiple of your salary. The dream of owning a home often requires navigating through various financial requirements and lender criteria. This guide will walk you through the steps and considerations for obtaining a mortgage 7 times your salary, providing insights into eligibility, calculations, and potential downsides.
Not everyone will qualify for a mortgage 7 times their salary. Typically, this kind of high multiple mortgage is available to individuals in certain professions or financial situations. Here are some groups who might be eligible:
Based on a mortgage of £300,000 at 75% LTV and 25 years
Speak with Us | Interest Rate | Mortgage Type | Monthly Repayment Amount | Total Fees | Max LTV |
---|---|---|---|---|---|
3.79% | Fixed | £1,174 | £30 | 75% | |
4.09% | Fixed | £1,198 | £0 | 75% | |
4.12% | Fixed | £1,210 | £1,499 | 75% | |
4.24% | Fixed | £1,224 | £1,025 | 75% |
While some individuals may qualify, others may find it challenging to secure such a high multiple mortgage. Here are some factors that could make it difficult:
If you believe you qualify, here are the steps to take to secure a mortgage 7 times your salary:
Understanding how lenders calculate mortgage eligibility is crucial. Here’s an example of how it might work:
Lenders will also consider other factors, such as existing debts, monthly outgoings, and overall financial stability when determining the exact amount they are willing to lend.
Use our Mortgage Affordability Calculator to determine how much you can borrow.
Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 4.75 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 5.5 times your household income, a salary multiple you will struggle to get without a broker. 5.5 times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Get StartedWhile a mortgage 7 times your salary can help you buy a more expensive home, it’s important to be aware of potential downsides:
The amount you can borrow depends on several factors beyond just your salary. Here’s how you can determine your borrowing limit:
Repaying a high multiple mortgage requires careful financial planning. Here are some tips to manage your repayments:
Determining eligibility for a mortgage 7 times your salary involves several steps:
Get things moving, apply for a remortgage.
Free unbiased mortgage advice is just a phone call away.
Buy-to-let mortgages typically have different criteria. Lenders usually consider the potential rental income of the property rather than just your personal income. However, having a strong income and credit profile can still be beneficial.
Mortgages 10 times your salary are extremely rare and typically only available in exceptional circumstances. Most lenders consider such high multiples too risky. It’s best to consult with a mortgage broker to explore all available options and understand the feasibility based on your financial situation.
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Legal
Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
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