NEW! Tembo has acquired Lifetime ISA provider Nude 🚀

Learn more
Logo
DropdownArrow

Buy a home HoverArrow



Remortgage HoverArrow

New
DropdownArrow

Lifetime ISA HoverArrow

Latest Articles HoverArrow

NEW
LIFETIME ISA

Boost your deposit by ÂŁ1,000 a year

Open a Lifetime ISA today. Save up to £4,000 each year towards your house deposit and you’ll get a 25% government bonus, tax free.

Learn more
DropdownArrow

Purchase HoverArrow

Remortgage HoverArrow

Buy to Let HoverArrow

Increase your affordability HoverArrow

With a guarantor

Increase your affordability HoverArrow

Without a guarantor

NEW: long-term fixed rate

Fix your interest rate for up to 40-years and increase your borrowing to 6x income. Rates from 5.69%

Learn more
Discover all our mortgage schemes
DropdownArrow

Latest articles HoverArrow

DropdownArrow
DropdownArrow

Buy a home HoverArrow

Remortgage HoverArrow

LoginGet a mortgage
5.5x Income Mortgage

Increase your affordability

Get a 5.5x Income Mortgage with Tembo

If you’re a first-time buyer, you could borrow up to 5.5 times your salary to increase your buying budget. So you can get on the ladder sooner, or afford your dream home.

Check my eligibility
British Bank awards 2023 Best Mortgage Broker winner
house-tear

Discover how much you can really borrow.

ÂŁ
ÂŁ
house-tear
hand

First time buyers only

key

Increase your budget by up to 20%

smile

Your salary must be £37,000 or more

How does it work?

Typically lenders will let you borrow between 4-4.5 times your income for a mortgage. A 5.5x Income Mortgage allows first-time buyers to borrow up to 5.5 times their household income, providing that eligibility criteria is met.

This scheme could increase your buying budget by up to 20%, which could mean you can buy sooner, or might widen your property search.

Create my Tembo plan

Why Tembo?

We help buyers, movers and homeowners discover how they could boost their affordability in 3 simple steps. It’s why we’re the UK’s Best Mortgage Broker.

side-image

Things to consider

All mortgages have risks and benefits. Here are some key things you should know about before applying for a 5.5x Income Mortgage

hand-with-key

What are the benefits?

Increase your buying budget

A 5.5x Income Mortgage can significantly increase the amount you can borrow for a house, boosting your buying budget. This could means you can get on the ladder sooner, or afford a more expensive property

Boost your borrowing without a guarantor

If you don’t have a family member or loved one that could help you to increase your buying budget, a 5.5x Income Mortgage offers a solution without external support.

Get a mortgage with a smaller deposit

With a 5.5x Income Mortgage, you only need to put down the minimum 5% deposit. This can be extremely helpful for first time buyers who may only have a small house fund saved up.

Risks and considerations

You must meet the minimum income criteria

In order to qualify for a 5.5x Income Mortgage, you must earn at least £37,000 as a solo applicant. If you are buying with another person, collectively you must earn £55,000 or more.

Poor credit could impact how much you can borrow

If you have a low credit score you may be offered a smaller income multiple.

You cannot be self-employed

You must be permanently employed and have 12 months of employment history

You can only get 5 or 10 year fixed rate deals

If you only plan to stay in the property for a few years, this scheme might not be suitable.

Got questions? We’ve got answers

See all FAQs

Frequently asked questions

See all FAQs

The application process

Get into your very own home in 4 simple steps

pink-1

Make a Tembo plan

In under 10-minutes we’ll check your eligibility for a 5.5x Income Mortgage as well as our other buying schemes. Plus you’ll get a personalised mortgage recommendation including interest rates and repayments.

yellow-1

Talk to an expert

Book a call with our mortgage experts to complete the qualification process, and we’ll cover off any questions you might have about 5.5x Mortgages and any other schemes.

green-1

Apply for a mortgage

Once you’ve found a property, your dedicated advisor will undertake full affordability checks to prepare the mortgage application. Then we’ll submit it on your behalf!

sea-1

Make home happen

During the conveyancing process, we’ll liaise with the seller and your solicitors to ensure a smooth purchase. We’ll also provide a free protection review for your insurance needs.

Other schemes you might like

Explore our other schemes to discover alternative ways to buy

See all schemes

On your own

Deposit Unlock

Purchase a new build home from a participating home builder with just a 5% deposit.

See details

With a guarantor

Savings as Security

With the help of a loved one’s cash savings, you could get a mortgage with as little as 0% deposit.

See details

Family remortgage

Deposit Boost

Unlock a gifted deposit from a loved one’s property to create a house deposit from scratch or top up your existing deposit.

See details

Learn more

Confused about mortgages? Read our guides for expert tips on saving, buying and the market.

See all guides

Other mortgage schemes

You can be snug in your very own home in 4 simple steps

Purchase

Standard Mortgage

Right to buy

Self Employed

Tier 2 Visa

Deposit Unlock

Armed Forces Help To Buy

Shariah mortgage

Increase your affordability

With a guarantor