Q&A On Six Times Income Multiple Mortgage
This article show be read in conjunction with my previous one on our popular six times income multiple mortgage.
Income – Six Times Income Mortgage
Q) What is the maximum income multiple on a mortgage?
A) The best is six times income. Most Lenders cap out at 4 to 5 times income.
Q) Is there a minimum income level to qualify?
A) Yes, the main applicant must earn at least £50,000 per annum.
Q) I receive a guaranteed shift allowance / large town allowance can this be factored into the six times income multiple mortgage?
A) Yes, normally 100% can be used.
Q) I receive a regular overtime / commission / bonuses can this be factored into the six times income multiple mortgage?
A) Yes, normally 50% can be used. A greater percentage may be considered with a 3 year track record.
Mortgage Parameters – Six Times Income Mortgage
Q) What size of deposit do I need to put down?
A) At least 15%. If you are after a remortgage then there must be at least 15% equity in the property after this mortgage is take out.
Q) Is there a limit on the loan size?
A) Yes, a maximum of £450,000 can be borrowed.
Q) Is there a limit on the property value?
A) Yes, a maximum of £75,000 (£250,000 inside the M25 corridor).
Mortgage Products – Six Times Income Mortgage
Q) Are the mortgage rates high on a six times income mortgage?
A) Click here to see an example of the interest rates and costs for a High Income Multiple Mortgage.
Please note this product may be withdrawn at anytime.
Niche Advice offers appropriate advice on applicants looking for Six Times Income Multiple Mortgage products . To find out more please complete the Contact Form on this website or call T: 020 7993 2044.
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.