It is still possible to secure a 5 times salary single or joint income mortgage even if you are struggling to find a lender willing to provide you with more than a 4.5 times salary.
Some for the largest bank and building societies require borrowers to earn over £45,000 to access 5 times salary, while others want borrowers to have a single or combined income of over £100,000.
Santander, Virgin Money, Clydesdale Bank and Accord Mortgages are just some of the lenders offering five-time salary mortgages. Another large building society offers five-times salary plus it can use 100% of bonus income or commission, even if you have a 10% deposit.
Aaron Strutt, product director at Trinity Financial, says: "Many of the lenders will provide borrowers with 4.5 times single and joint income mortgages but unfortunately this is not generous enough for many property buying homes or remortgages.
"The lenders have mortgage affordability calculators and our brokers use them to work out exactly how much people can borrow. They use difficult calculations to work out the maximum loan size, and they take some make bigger reductions that other for monthly credit commitments like credit cards, loans, school fees and cars on finance."
Call Trinity Financial on 020 7016 0790 to secure a 5 times salary mortgage or book a consultation
Trinity Financial specialises in arranging more generous income multiple mortgages and our team of expert advisers do everything possible to secure the cheapest rates and the fastest mortgage offers.
We regularly work with clients over the phone to discuss applications and confirm the documentation we will require, and we also have Mayfair and Islington based offices where we meet clients.
At a time when many of the lenders have been inundated with mortgage applications, it is important to have someone on your side to ensure you get the best deal as quickly as possible.
Click on the link to view some of the mortgages we have arranged over the last ten years. https://www.trinityfinancialgroup.co.uk/case-studies/