Get a mortgage
Increase my budget
Buy my first home
Buy with a guarantor
Help someone buy
On your own
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Savings as Security
Dynamic Income Boost
Part Buy Part Rent
Private Shared Ownership
Government Shared Ownership
Is now a good time to buy?
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On your own
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.
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.
All mortgages have risks and benefits. Here are some key things you should know about before applying for a 5.5x Income Mortgage
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.
You must must 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.
Get into your very own home in 4 simple steps
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.
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.
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!
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.
Explore our other schemes to discover alternative ways to buy
On your own
Purchase a new build home from a participating home builder with just a 5% deposit.See details
With a guarantor
With the help of a loved one’s cash savings, you could get a mortgage with as little as 0% deposit.See details
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
Confused about mortgages? Read our guides for expert tips on saving, buying and the market.
You can be snug in your very own home in 4 simple steps