Increase your affordability
Get a 5.5x Mortgage with Tembo
If you’re a first-time buyer, you could borrow up to 5.5 times your salary to increase your buying budget. So you can get on the ladder sooner, or afford your dream home.
First time buyers only
Increase your budget by up to 20%
Your salary must be £37,000 or more
How does it work?
Typically lenders will let you borrow between 4-4.5 times your income for a mortgage. A 5.5x Mortgage allows first-time buyers to borrow up to 5.5 times their household income, providing that eligibility criteria is met.
This scheme could increase your buying budget by up to 20%, which could mean you can buy sooner, or might widen your property search.
Why Tembo?
We help buyers, movers and homeowners discover how they could boost their affordability in 3 simple steps. It’s why we’re the UK’s Best Mortgage Broker.
Things to consider
All mortgages have risks and benefits. Here are some key things you should know about before applying for a 5.5x Mortgage
What are the benefits?
Increase your buying budget
A 5.5x Mortgage can significantly increase the amount you can borrow for a house, boosting your buying budget. This could mean you can get on the ladder sooner, or afford a more expensive property
Boost your borrowing without a guarantor
If you don’t have a family member or loved one that could help you to increase your buying budget, a 5.5x Mortgage offers a solution without external support.
Get a mortgage with a smaller deposit
With a 5.5x Mortgage, you only need to put down the minimum 5% deposit. This can be extremely helpful for first-time buyers who may only have a small house fund saved up.
Risks and considerations
You must meet the minimum income criteria
In order to qualify for a 5.5x Mortgage, you must earn at least £37,000 as a solo applicant. If you are buying with another person, collectively you must earn £55,000 or more.
Poor credit could impact how much you can borrow
If you have a low credit score you may be offered a smaller income multiple.
You cannot be self-employed
You must be permanently employed and have 12 months of employment history
You can only get 5 or 10 year fixed rate deals
If you only plan to stay in the property for a few years, this scheme might not be suitable.
Got questions? We’ve got answers
See all FAQsFrequently asked questions
The application process
Get into your very own home in 4 simple steps
Make a Tembo plan
In under 10-minutes we’ll check your eligibility for a 5.5x Mortgage as well as our other buying schemes. Plus you’ll get a personalised mortgage recommendation including interest rates and repayments.
Talk to an expert
Book a call with our mortgage experts to complete the qualification process, and we’ll cover off any questions you might have about 5.5x Mortgages and any other schemes.
Apply for a mortgage
Once you’ve found a property, your dedicated advisor will undertake full affordability checks to prepare the mortgage application. Then we’ll submit it on your behalf!
Make home happen
During the conveyancing process, we’ll liaise with the seller and your solicitors to ensure a smooth purchase. We’ll also provide a free protection review for your insurance needs.
Other schemes you might like
Explore our other schemes to discover alternative ways to buy
On your own
Deposit Unlock
Purchase a new build home from a participating home builder with just a 5% deposit.
See detailsWith a guarantor
Savings as Security
With the help of a loved one’s cash savings, you could get a mortgage with as little as 0% deposit.
See detailsFamily remortgage
Deposit Boost
Unlock a gifted deposit from a loved one’s property to create a house deposit from scratch or top up your existing deposit.
See detailsLearn more
Confused about mortgages? Read our guides for expert tips on saving, buying and the market.
Other mortgage schemes
You can be snug in your very own home in 4 simple steps
Increase your affordability
Without a guarantor