Three or four incomes accepted on mortgage application

by Aaron Strutt

Sep 20 2021

Page updated 27/11/2024.

Trinity Financial has access to multiple lenders that accept up to four applicants and four incomes on one mortgage application. The idea is to help younger borrowers, friends or families to apply together and purchase larger or more conveniently located properties. 

The number of incomes you can use on a mortgage application depends on the lender's policy and the type of mortgage product you’re applying for. Most big banks and building societies limit the maximum number of applicants to two and rarely take more than two incomes.

A surprising number of lenders accept four incomes or three and four applicants on an application. A relatively large building society and an international bank will take four separate salaries from four borrowers, provided all applicants plan to live in the property. One of these lenders will also accept bonus income, allowances, and second jobs when calculating the maximum loan.

Aaron Strutt, product director at Trinity Financial, says, “If you buy a property with three other people, your borrowing power increases significantly. If four applicants each earning £35,000 applied for a mortgage, they would potentially be able to borrow up to £630,000. This is on the condition they all have limited debts and credit commitments.”

"Another building society will accept three incomes on a mortgage application and offers larger mortgage loans. Once again, all applicants must live in the property."

Which mortgage lenders allow three or four incomes on a mortgage application?

Source: Knowledge Bank

Would an income-stretch mortgage help?

Lenders are doing more to help first-time buyers get on the property ladder, and if you could borrow more through one lender, you may not need so much income or multiple applicants to borrow the amount you need. 

Nationwide for Intermediaries recently launched a six-times-income mortgage; others provide income stretch mortgages. There are also low or no-deposit mortgage deposits for those with a track record of renting or with a 1% deposit. 

Can you apply for a mortgage with friends?

Yes, lenders will generally allow friends to get a mortgage together, provided they pass the affordability and credit checks.

Before you agree to buy a property with a friend, you need to discuss what would happen in certain situations, like meeting future partners, having babies, or deciding to move up the property ladder. A declaration of trust may be sensible if you put in deposits of different sizes.

Joint Borrower Sole Proprietor (JBSP) Mortgages

Joint Borrower Sole Proprietor (JBSP) Mortgages typically allow up to four applicants on JBSP mortgages, and all their incomes may be considered for affordability. However, only one person (the sole proprietor) will own the property.

Parents usually use the scheme to help their adult children get a more generous loan size using their income. Click here to read our JBSP blog. 

For help securing a three—or four-times income mortgage, call Trinity Financial on 020 7016 0790. You can also book a consultation or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage