Santander still offering 5 or 5.5 times salary mortgages to wealthier borrowers with larger deposits
Santander for Intermediaries is one of an increasingly limited number of lenders providing 5 or 5.5 times single and joint salary mortgages.
Since the coronavirus pandemic, many of the banks and building societies have tightened their mortgage affordability calculations, making it harder to borrow five times salary. Barclays is the latest lender to reduce its maximum income multiple from 5.5 times salary to 4.49 times single or joint incomes.
Santander offers 5 times salary income multiples to borrowers earning between £45,000 and £99,000 and 5.5 times salary to those earning over £100,000 with a 25% deposit. To qualify for the more generous mortgages applicants will need to have a 40% deposit; otherwise, the income multiples is reduced to 4.45 x salary.
Aaron Strutt, product director at Trinity Financial, says: "It is still possible to borrow between five and six times salary for a mortgage but it is getting harder. Santander is one of the more generous lenders, but the likes of Kensington and Market Harborough Building Society provides typically provide five times salary+ to those earning over £100,000.
"Another bank is also offering 5.5 times salary mortgages to professionals including fully qualified, registered and practising Solicitors, Barristers, Medical Doctors, Accountants, Actuaries, Vets and Dentists who want to buy their first home or move property to upsize."
Santander for Intermediaries mortgage affordability calculation table:
| Combined income for all applicants | Loan-to-value | |
|---|---|---|
| 75% or less | Over 75% | |
|
Less than £45,000 |
4.45x | |
| £45,000 to £99,999 | 5.00x | 4.45x |
| £100,000 or more | 5.50x | 4.45x |
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