Maximise your borrowing
with an income boost.
Average income vs. average household at an all-time high
Currently, the average household costs 9 times the average income. This makes it extremely difficult for people to make it onto the property ladder using traditional mortgages.
Average House Price to Average Income Ratio (UK)
Average House Price / Average Income Ratio
Affordability gap on your dream home?
Using the standard 4.5X income multiplier, you may struggle to fit on affordability criteria. This may cause an affordability gap when purchasing your new home.
Boost your income by up to 6 times.
There are mortgage products and schemes available that will allow you to borrow 6 times your income. Often these are only accessed by using a mortgage broker as advice must be provided.
High Income Multiple Mortgage
An income multiple is often used by lenders to determine how much you can borrow. The standard income multiple is 4.5X. However, some lenders do offer mortgages with higher income multiplies, such as 5X, 5.5X and 6X. For instance, if you were earning £45,000, you could potentially borrow £270,000. Normally these types of mortgages are only accessible via a mortgage advisor.
There are a few things to note before considering a high income multiple mortgage:
The interest rate is often higher than a standard mortgage - however you may benefit more from an increase in property prices.
Normally the minimum income for a sole applicant is around £40,000 and joint applicants is around £60,000.
The availability of this mortgage depends on overall affordability - it is best to consult an expert to see if you would likely fit affordability criteria.
Clean credit profile is required (no defaults, CCJs or bankruptcies allowed).
Second Charge Mortgage
A second charge 'top up' mortgage can be added to the property, which will help you to borrow more. Often, it is possible to borrow up to 6 times your income using a second charge lender. There is no minimum income criteria and credit blips are allowed (depending on severity).
These are interest only.
You could borrow between £15,000 and £250,000 extra.
You need to put in a minimum of 5% of the property value and could boost your deposit by an additional 25%.
The lender will share appreciation/depreciation of the property.
Rent a Room Mortgage
If you have found your ideal home (at least 2-bedroom property) but can’t meet the affordability criteria, a ‘rent a room’ mortgage might be for you. By renting out a room, you can borrow up to 7 times your income.
Here's how it works - John earns £30,000pa and wants to buy a two-bedroom property for £220,000. He has a 15% deposit, so needs a mortgage of £187,000, however he can't find a lender that would be willing to lend that amount. John has a friend, who is looking for a place to live and would consider renting a room, however, doesn't want to buy the property with John. The friend would pay £500 per month to rent the second bedroom, which is used in the affordability assessment. Using this extra income / rent, John can now borrow £187,000.
What you need to know:
There doesn't need to be a formal agreement with a tenant.
The rent figure used needs to be confirmed by a valuer.
The property needs to be ready for occupation on completion of the mortgage.
Joint mortgage, sole proprietor (JMSP)
Put simply, two or more applicants use their joint income to apply for a mortgage, however only one person owns the property. This allows the applicant to borrow much more than they could otherwise. This is most often used by parents helping their children get on the property ladder. In theory, an applicant can borrow over 8 times their income using this scheme, however it will depend on the other applicants income.
Importantly, all applicants are fully responsible and liable to repay the mortgage, despite only a sole applicant owning the property.
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