More News
More News
Residential mortgages Buy-to-let mortgages Large mortgage loans Interest-only mortgages Professional mortgages Self-employed mortgages Private banks First-time buyers Remortgages Offset mortgages Bonus income mortgages Best buy mortgage rates Foreign income mortgage Equity release mortgages Older borrowers Large buy-to-let mortgages Bridging finance Life insurance and income protection policies Contractor mortgages Ex-pat mortgages Commercial mortgages Market-Matters Market Matters Archive Best-Buys Help to Buy Large loan remortgages Holiday let mortgages Help to Buy mortgage scheme Contractor mortgages Life assurance and protection Show all Show less
mayfair-mortgage-3

How much income do I need to earn for a £1 million mortgage?

Aaron Strutt Image
Mortgage lenders offer between four and 5.5 times salary income multiples when they work out how much you can borrow.
 
Some lenders require single or joint applicants to earn at least £250,000 a year to qualify for £1 million, while others expect them to earn just over £180,000. The most generous lenders will require them to earn £167,000 each year.
 
Do the lenders use income multiples?  
 
Banks and building societies use mortgage affordability calculations to work out how much you can borrow. The figures they use to generate the maximum loan sizes change significantly depending on the lender.
 
Providers are increasingly offering more generous mortgages to professionals like accountants, doctors, dentists and solicitors. They also issue bigger multiples to those earning over £75,000 or £100,000 each year. 
 
Aaron Strutt, product director at Trinity Financial, says: "Banks and building societies are offering their cheapest ever £1 million+ mortgage rates, and they have some of the most generous acceptance criteria. It is possible to secure larger loans below 1% with £999 arrangement fees!
 
"Many borrowers contact their bank to find out how much they can borrow or use a couple of online calculators. Our brokers constantly research the market to find out which lenders offer the most generous loan sizes." 
 
The lenders will assess your monthly outgoings and credit commitments when generating the maximum loan, but some of them are more lenient. For example, some providers do not reduce the loan size if you have children while others take a higher percentage of bonuses.
 
Call Trinity Financial on 020 7016 0790 to secure a £1 million mortgage or book a consultation
 
As seen in
sunday times telegraph financial times bbc news the express the times
Get Started

Get started today

Speak to one of our mortgage experts. Either book an appointment to come and see us, or request one of our experts to call you.

Book a Consultation Talk to an Expert