Yes, the title is correct. It is now possible to borrow 7 times your income when borrowing for a residential mortgage.
As you might expect, there’s a few things to consider as well as eligibility criteria. The main difference with this type of mortgage when comparing it to the rest of the market is that it’s only available on a fixed rate basis for the entire term of the mortgage. Sounds great right? Well. It doesn’t come cheap, the rates begin at 3.59% which is comparatively high when put head to head with the high-street.
In order to ‘inlock’ this multiplier you’ll need to either be a professional working in one of the below fields earning over £25,000:
- Police
- Fire Service
- Nurse
- Ambulance
- Doctor
- Accountant
- Barrister
- Teacher
- Nursery Education
- Lawyer
- Engineer
- Dentist
- Architect
- Surveyor
- Vet
If, however, you’re earning over £75,000 in your role, even if it doesn’t fall into the above, then you are also likely to be eligible.
This product is new to the market and we’re fortunate to have access to it. If you think you might be eligible, or know anyone who is struggling to borrow enough, please get in touch.
More and more lenders are opening up their proposition when it comes to lending up to and indeed over 5 times your income. If you don’t fall into the above then we could well still have some great options for you, you have nothing to lose by getting in touch!
