How to get a bigger mortgage
Fae Kett, CeMAP-qualified Senior Mortgage AdvisorIf you’ve used a mortgage calculator recently, you might be shocked at how much you can borrow. Even with a steady job, spotless credit history and a good deposit, it can be hard to get a loan big enough for the home you really want.
That’s because house prices have grown much faster than wages. While property values have soared, lending rules have stayed strict, and most lenders will only let you borrow around four to four-and-a-half times your income.
So what can you do if that isn’t enough? Let’s look at how to qualify for a larger mortgage, and what to do if your income is holding you back.
How lenders calculate your maximum mortgage
When you apply for a mortgage, most lenders will multiply your income by a set figure to determine how much to lend you. Most of the time, that figure’s 4 to 4.5, but some lenders will stretch to 5 or 6 times your salary if you meet certain criteria.
If you’re buying with a partner, friend or family member, the lender will usually combine your incomes and multiply your joint income by their set figure, which can drastically increase your potential borrowing limit.
For example, if your chosen lender offers 4 to 4.5x income mortgages:
- Single applicant earning £30,000 → £120,000 – £135,000 mortgage
- Joint income of £55,000 → £220,000 – £247,000 mortgage
Lenders then perform an affordability assessment, checking:
- Your regular income and job stability
- Credit score and payment history
- Monthly spending and existing debts
- Deposit size
- Dependants or childcare costs
These checks help them decide whether you can comfortably afford repayments, even if interest rates rise or your circumstances change.
Learn more: 5 money talks to have with your partner before buying a house together
Need to know
If you’re putting down a small house deposit, you’re self-employed or you’ve struggled with debt in recent years, mortgage lenders may reduce the loan amount you can borrow
Discover your true buying budget
At Tembo, we specialise in helping people make home happen. On average, we boost budgets by £82,000. See your options by completing your details online with us today.
How much could you increase your borrowing by?
It depends on your income, your deposit, and which schemes you qualify for. The table below shows some indicative examples:
| Situation | Standard borrowing (max 4.5x) | Specialist scheme | Potential borrowing increase |
|---|---|---|---|
Single income, £35,000 | £157,500 | Professional mortgage | +£35,000 |
Joint income, £60,000 | £270,000 | 5.5x income mortgage | +£60,000 |
Single income, £45,000 | £202,500 | Parent Income Boost (£30,000) | +£135,000 |
These are illustrative figures. Your actual borrowing capacity depends on your credit history, outgoings, deposit size, and the lender's individual assessment.
How to qualify for a larger mortgage
There are a few ways to boost your borrowing power and qualify for a larger mortgage.
1. Check your standard borrowing estimate
Use a mortgage affordability calculator to establish your baseline - typically 4 to 4.5 times your household income. This is your starting point, not your limit.
You might also like: Mortgage Tips For First-Time Buyers
2. Improve your affordability
If you find that your estimated budget isn't enough, there are some areas worth checking to help improve your mortgage affordability, like paying down any existing debts and improving your credit score:
- Pay off debts: Reducing loan and credit card balances lowers your outgoings.
- Cut monthly expenses: Lenders analyse your spending, so trimming subscriptions or non-essentials can help.
- Increase your income: Even a small pay rise, promotion, or side income can make a noticeable difference.
- Check your credit report: Fix errors and make sure all bills are paid on time.
3. Identify which specialist schemes you may qualify for
If a standard mortgage isn't enough to get you on the ladder, it can be worth exploring specialist buying schemes, which could help boost your buying power.
If you have family who are willing to help, family-assisted options like an Income Boost or Deposit Boost could help you bridge the gap between what you can afford and what you need.
If you don't have family who can help, consider higher lending routes through professional mortgages and key worker mortgages, or shared ownership.
Perfect For You: How To Talk To Your Family About Money and Inheritance
Our average, we've increased buying budgets by £82,000!
At Tembo, we specialise in helping buyers increase their borrowing potential, whether that's through family support schemes or innovative mortgage products.
You might like: Can I get a mortgage 5 or 6 times my salary?
4. Speak to a whole-of-market mortgage broker
A whole-of-market broker like Tembo can check your eligibility across the market - we search across 100+ lenders as well as over 20 specialist schemes. This is the most efficient way to find out your true maximum borrowing, not just what one lender will offer.
5. Review your options and choose the right one for you
Your broker will present every scheme and deal you're eligible for, with a clear breakdown of what each means for your borrowing limit, monthly repayments, and overall cost. You can then choose the option that fits your situation. Remember, this may not be the one with the highest number.
Can you get a mortgage for more than the purchase price?
Generally, no. It used to be possible to borrow more than a home was worth, but lenders stopped offering such large mortgages following the 2008 financial crisis.
However, you may be eligible for a 100% mortgage, a.k.a a No Deposit Mortgage, which lets you borrow the total purchase price in some circumstances.
Skipton’s Track Record Mortgage, for example, lets you buy a house with no deposit at all if you can prove that you’ve paid rent and household bills on time for 12 months in a row during the last 18 months, and you meet Skipton’s other criteria. You’ll need a good credit score and to be over the age of 21.
See why our customers voted us Best Mortgage Broker five years in a row
