Santander still offering 5 or 5.5 times salary mortgages to wealthier borrowers with larger deposits
Page updated 06/08/2024
Santander for Intermediaries is one of a range of lenders providing 5 or even 5.5 times single and joint salary mortgages.
When the coronavirus pandemic hit, many banks and building societies tightened their mortgage affordability calculations so it was harder to access five times salary mortgages. However, lenders have returned to the income stretch market so there is more choice.
Santander offers 5 times salary income multiples to borrowers earning between £45,000 and £99,000 and 5.5 times salary to those earning over £100,000 with a 25% deposit. To qualify for the more generous mortgages applicants will need to have a 25% deposit; otherwise, the income multiples may be reduced.
Aaron Strutt, product director at Trinity Financial, says: "It is still possible to borrow between five and six times salary for a mortgage through lenders like Santander, Halifax, HSBC and Baclays. Santander is one of the more generous lenders, but the likes of Kensington and Market Harborough Building Society may well provide larger mortgages, especially for those earning over £100,000.
"Another bank is also offering 5.5 times salary mortgages to professionals including fully qualified, registered and practising Solicitors, Barristers, Medical Doctors, Accountants, Actuaries, Vets and Dentists who want to buy their first home or move property to upsize."
Santander for Intermediaries mortgage affordability calculation table:
The table below shows Santander's maximum income multiples. Income may be a combination of primary and secondary incomes:
| Combined income for all applicants | Capital and Interest | Interest Only | |||
|---|---|---|---|---|---|
| LTV 75% or less | LTV Over 75% to 85% | LTV Over 85% | LTV 75% or less | LTV Over 75% | |
| Less than £45,000 | 4.45x | 4.45x | 4.45x | 4.45x | 4.45x |
| £45,000 to £99,999 | 5.00x | 5.00x | 4.45x | 4.45x | 4.45x |
| £100,000 or more | 5.50x | 5.00x | 4.45x | 5.50x | 5.00x |
- For remortgages without capital raising the maximum income multiple is 5.50x income, regardless of the income bands in the table above.
- Santander's income multiples are for guidance only and may change at short notice. All applications must be affordable.
- Some mortgage lenders provide more generous mortgages to borrowers when they take a five-year fix.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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