7 times income is now available

Feb 12, 2022

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!

Steven Morris – Advising Director

CeMAP CeRER

 

Steve loves a complex mortgage. Most recently he has used his technical geekery to work his way up through Which? Mortgage Advisers, progressing to Senior Adviser and then Onboarding Manager. There, he was responsible for hiring, training and managing new advisers.

He also ran the monthly new starter inductions and wrote and maintained the telephony advice standards of the company. Outside of work Steve can be found coaching and being run ragged by his local under 10’s rugby team, Bristol Harlequins RFC.

Meet the rest of the Advantage Team

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