Borrow 5.5 times Salary as a First Time Buyer.

In most cases, lenders will base the amount that you can borrow calculated on 4 or4.5 times your single or joint salary. However, there are a number of Lenders who offer First Time Buyers lending based on 5.5 times salary. This means that potentially, subject to meeting the eligibility criteria, you could borrow up to 20% more using one of these deals.

One of our Expert  Independent Mortgage Advisers will gladly discuss all options available to you.

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

With a 5.5x 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 deposit saved.

What are the benefits?

• Increase your buying budget
• A 5.5x Mortgage can significantly increase the amount you can borrow for a house, boosting your buying budget. This could mean you can get on the property ladder sooner, or afford a more expensive property
• Boost your borrowing without a guarantor

You must meet the minimum income criteria

• In order to qualify for a 5.5x 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.
• ·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

N.B. Poor credit could impact how much you can borrow, if you have a low credit score you may be offered a smaller income multiple.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT

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