Need a BIG mortgage? How about 7x salary???
Eligibility
It’s rare but not impossible to secure a mortgage based on 7x your salary. Most likely, you will be a high-net-worth individual with a very high income, or someone who is asset-rich.
Speak to a specialist mortgage broker
An expert mortgage broker, like largemortgageloans.com, will assess your affordability, according to your income (or incomes) together with the value of your assets versus your liabilities (outgoings). Income sources can include investment dividends and profits, pensions, bonuses and overtime which can help with securing you a higher mortgage. A mortgage broker will work with you to create a bespoke solution to suit your individual circumstances.
Assets
If you’re asset-rich, a mortgage broker will factor in these additional assets as security for a large mortgage. The assets can include real estate, gold, rare collectables, investment portfolios, art works and cryptocurrency, for example. They will be used as collateral to secure your loan. If you fail to meet your repayments, your assets can be repossessed by the lender to pay off the outstanding loan.
Large deposit
The larger your deposit, the better the chance you have to secure a larger mortgage with better terms and rates.
High credit rating
Having a good credit score can improve your chances of getting approved for a 7x salary mortgage, so be sure to check and improve your credit reports before applying.
Interest only
You may have the option of an interest only mortgage, which will make your monthly mortgage payments more affordable but on the understanding that you will repay the outstanding mortgage in full at the end of your term.
Give us a call or drop us a message to talk about whether you’re eligible for a large mortgage.
