- From 10% Deposit
- Mortgage to 6 x Income
- Income Stretch
- Guarantors Considered
- Individual Underwriting
- First Time Buyers
- Historic Credit Issues Considered
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.Read More >>
This means that it may be possible for you to borrow more up to, and in certain situations, more than 5 times income as long as the mortgage is affordable.
Affordability depends on individual circumstances. Firstly, your income is assessed over the proposed mortgage term. Secondly your expenditure is checked, including expenses for children, council tax, loan and credit card payments and other general living expenditure. Each lender we work with has their own rules on how to assess affordability.
Our Mortgage Consultants are happy to give an initial assessment as to how much you may be able to borrow. To do this, we will normally take 5 to 10 minutes of your time and ask some questions over the telephone. By the end of the conversation we will be in a position to give you an indication as to how you may be able to borrow.
If you would like an initial assessment then do call us on 0203 621 5696, alternatively send us a web enquiry using the form on this page.