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You are here: Home / Mortgages / Mortgage to include 4 applicants incomes

by Payam Azadi

Mortgage to include 4 applicants incomes

Mortgage for 4 people using 100% of all incomes to help with affordability.

Increase your mortgage borrowing by using incomes from more than 2 applicants

Believe me common sense can prevail if more than two incomes are coming into a household then we have access to a Lender that will take them into consideration. That’s right up to 4 applicants incomes can be used when assessing affordability and the results can be startling.

To put this innovation into perspective the majority of UK Lenders limit the number of mortgage applicants to two, a typical husband and wife scenario, and have built their systems around this ideal. A case of one size hoping to fit all. Those that had a little more foresight allow for a greater number of applicants but usually calculate the mortgage amount against the two highest salaries and ignore the income from the other applicant’s altogether.

Those avid readers of my blogs will know Niche Advice relentlessly trawls the market to find Lenders willing to break away from the mould and lovingly present the opportunities to our followers. In theory the Lender will do 5 times all 4 applicant’s incomes, but from the testing I have done it normally caps out at 4.5 times nevertheless as the table below shows this could be the difference between studio and penthouse or terrace and detached!

Niche Advice is happy to work out your maximum borrowing ahead of any credit searches or charges.

Example of the benefit of using 4 applicants’ incomes for a mortgage

Applicant 1
Applicant 2
Applicant 3
Applicant 4
Usable income

£35,000
£24,000
£15,000
£12,000  
Niche lender £86,000

£35,000
£24,000
Not taken
Not taken
Normal lender £59,000

So if you were to apply a typical Mortgage Lender 4.5x income multiple you could borrow £387,000 on the Niche recommendation as opposed to £265,000 via normal Mortgage Lenders. That’s right an uplift of £122,000.

Example of the mortgage product for 4 applicants’ income for a mortgage

To see the pricing of a 4 applicant income mortgage, please click here.

So if you were to apply a typical Mortgage Lender 4.5x income multiple you could borrow £387,000 on the Niche recommendation as opposed to £265,000 via normal Mortgage Lenders. That’s right an uplift of £122,000.

Niche Advice offers appropriate advice for mortgage applicants looking to get the biggest mortgage including those that want to enlist multiple applicants. To find out more complete our online contact form or call T: 020 7993 2044.

Payam Azadi

Author: Payam Azadi

Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
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AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

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A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234567.

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