Mortgages for high earning individuals
Orton Financial
Orton Financial is a leading independent mortgage broker that specialises in arranging finance for professional clients. We have access to a wide range of mortgage solutions to suit your individual needs. We understand that buying a home is a big decision. We are here to help with every step of the process. We are committed to providing a high level of service.
We offer a number of benefits to our clients, including:
- Specialist underwriting access
- Bespoke solutions only available to professionals
- Preferential lending
- Expert advice
Contact us today
If you are a professional looking for a mortgage, please contact us today to discuss your requirements further. We would be happy to arrange a free consultation with one of our experienced mortgage advisors.
First time buyer enhancements
If you are a first time buyer and a high earning individual (or couple) there are enhancements available to help you realise your first purchase. These enhancements can lower your interest rate and make it easier to qualify for a mortgage.
There are enhancements available for young professionals. To learn more about how we can help a young professional, see our information here.
The enhancement is available to first-time homebuyers and those who have not owned a property within the last three years
Key terms:
- Minimum sole income of £37,000, or £55,000 for joint applications
- A fixed rate of 5 or 10 years must be taken
- The maximum loan to value (LTV) is 95%
- Maximum term of 40 years
- Portable – Meaning if you move home during the fixed rate period you can take the mortgage with you, without paying an early redemption charge
There are some limitations:
- The maximum loan size at 95% LTV is £500,000
- The maximum loan size at 85% LTV is £1,500,000
- Neither applicant can be self-employed
- The enhancement cant be used in conjunction with any schemes, including:
- Deposit Unlock
- First Homes
- Shared Ownership
- Genuine Bargain Price (Under value purchase from a family member)
- Right to Buy and Help to Buy
- The loan must be on repayment
Contact us today
To Learn more about our services, please contact us today. We would be happy to discuss your specific needs and help you find the right mortgage for your property.
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High earning enhancements
If you are a high earner, there are a number of enhancements available that can help you stretch the amount you can borrow. These enhancements can be appealing to borrowers because they can help you obtain a property that meets your long-term needs. By reducing the number of times you need to move home, you can also reduce the amount of stamp duty and legal fees you pay during your lifetime.
Some of the enhancements available to high earners include:
- Higher income multiples:Â High earners may be able to borrow more money based on their income.
- Lower deposit requirements:Â High earners may be able to get away with a smaller deposit.
- Flexible lending criteria:Â High earners may be able to qualify for a mortgage even if they have other debts or a poor credit history.
These enhancements can be a great way to get the mortgage you need to buy your dream home. However, it is important to speak to a qualified mortgage advisor to find out if you qualify and to get the best possible deal.
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Mininum earnings required for enhancementsÂ
The minimum income required for enhancements varies considerably across the market. A summary of the minimum income and enhancements available is as follows:
– From £37,000 for a sole applicant or £55,000 joint to access higher multiples on properties up to £1.75 million where a Loan to Value of 85% is requiredÂ
– From £75,000 for a sole applicant or £100,000 joint to access higher multiples on properties up to £2.32 million where a Loan to Value of 85% is requiredÂ
– From £75,000 for a sole applicant or £100,000 joint where interest only is required (maximum 50% of the property value without another repayment vehicle)
– From £251,000 for a sole applicant where interest only up to 75% Loan to Value is required (where sale of the property is an accepted repayment vehicle.
– From £300,000 for a sole applicant. Private lenders are able to consider a High Net worth exemption. This means they no longer have to lend to based on an income multiple and affordability is entirely derived from affordability.Â
Lets talk about getting you the mortgage you need. For more information please contact Orton Financial today.Â
