Another lender offering six times salary mortgages

by Aaron Strutt

Dec 20 2015

Trinity Financial has access to another building society offering to lend up to six times salary mortgages.

In order to qualify for this lender borrowers will need to be a first-time buyer and a fully qualified and practising: accountant, actuary, architect, barrister, chartered surveyor, commercial pilot, dentist, medical doctor, optometrist and pharmacist, qualified independent financial adviser to level four, solicitor, teacher or vet.

If the borrower is a banker or another professional applications will be considered, but they must earn over £100,000 and hold an industry recognised qualification.

There is a minimum loan size of £30,000 and a maximum loan size of £1,000,000 up to 85% loan-to-value. Mortgages above 85% loan-to-value are limited to £500,000.

Larger loans will be priced on a bespoke basis and have a restricted loan-to-value.

Rates and tight acceptance criteria

To qualify for a six times income mortgage, applicants will need a clear credit history and a very limited amount of personal debt. Borrowers without children are likely to be able to borrow considerably more.

This lender is offering a competitively priced 3.19% discounted mortgage for five years. After the reduced period, the mortgage will revert to the lender’s standard variable rate which is currently 5.39%. The overall cost for comparison is 4.3% APR.

There is a £1,550 arrangement fee and there are no early repayment charges, enabling clients to remortgage before the rate expires. You will need a 30% deposit to qualify.

Comment

Aaron Strutt, product manager at Trinity Financial, says: “Most of the high street mortgage lenders limit lending between four and five time’s salary. There are very few banks and building societies willing to offer six times salary.

“It is not always easy to get a mortgage over five times salary through because the affordability is assessed so closely. The other lender offering six times salary mortgages does not require applicants to be a Professional or a first-time buyer.”   

For help to secure a six times income mortgage, call Trinity on 020 7016 0790.