Halifax increases maximum income multiple to five times salary

by Aaron Strutt

Apr 23 2019

Halifax for Intermediaries has raised its maximum income multiple to five times salary for both single and joint applications.  

Borrowers will need to earn between £25,000 and £75,000 to qualify, and they will require a 25% deposit.

For those earning more than £75,000 with a 25% deposit, the maximum loan is also now available at five-times salary, including mortgages over £750,000. 

Aaron Strutt, product director at Trinity Financial, says: "Halifax is the UK’s biggest mortgage lender and it has been keen to increase its income multiples for a long time. Most of its competitors have been offering five-times salary mortgages for years."

Like other lenders, Halifax's income multiples are calculated using the size of the deposit, credit score and the mortgage loan size.

If you have a deposit of between 25% and 15% and earn more than £75,000 - Halifax has capped the maximum loan at £750,000.

Scottish Widows Bank (also part of Lloyds Banking Group) has made changes and increased its income multiples.

For help to secure a five times salary mortgage call Trinity on 020 7016 0790