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Please note this product may be withdrawn at anytime.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. To get in contact with him please click here.
