Mortgages 5 and 6 Times Salary

At Rockhopper we are sometimes approached by clients who are looking to borrow up to five times their income and sometimes up to six times their income.

Clients in this situation often tell us that, although they can afford the mortgage, they may have been declined by their existing Bank or Lender simply because they have a cap on how much they will lend based on their income – often called an “income multiple”.

We are frequently told that most lenders will not lend more than 4.5 or 4.75 times income. Sometimes we are told that a lender has capped how much they will lend due to credit score. Clients that approach us are frustrated that this rule is preventing them from getting their dream home, remortgaging after divorce or obtaining a better mortgage rate.

At Rockhopper we work with a comprehensive panel of lenders. Some of the lenders we work with are able to consider income multiples up to 5 x salary and in certain situations up to 5.5 or 6 x salary subject to a full affordability assessment.