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Income Multiple

Income Multiple

Portrait of Justin Whitelock, founder of Mortgage London, standing in a park

By Justin Whitelock

Founder of Mortgage London (a trading style of City Finance Brokers Limited, authorised and regulated by the Financial Conduct Authority, FCA No. 766295)

A lending measure that compares the mortgage amount with the borrower’s income, for example borrowing four or five times annual income.

Related glossary terms

Contractor Mortgage

A mortgage assessed using contractor income, evaluated through day rate, contract value, or fixed-term contract income rather than conventional criteria.

Non-Resident SDLT Surcharge

An additional 2% SDLT charge in England and Northern Ireland when a buyer is treated as non-UK resident, based on 183-day UK presence test.

Exchange of Contracts

The legal stage where buyer and seller become contractually committed to the purchase, with buyers typically paying an exchange deposit.

First-Time Buyer Relief

An SDLT relief that can apply when a buyer is purchasing their first residential property in England or Northern Ireland, offering a £300,000 nil-rate threshold.