6.5 Times Income for First-Time-Buyers
Coventry Building Society Introduces Borrowing of Up to 6.5 Times Income for First-Time Buyers
For many first-time buyers, saving a deposit is only one part of the challenge. Even with money set aside, the amount available through a traditional mortgage calculation may not be enough to purchase a suitable property.
Coventry Building Society has now introduced enhanced lending criteria that could allow eligible first-time buyers to borrow up to 6.5 times their income—potentially helping more people take their first step into property ownership.
How does 6.5 times income work?
Mortgage lenders commonly use an income multiple as one part of their affordability assessment. If an eligible applicant qualifies for Coventry Building Society’s maximum multiple, the figures could look like this:
| Applicant income | Potential borrowing at 6.5× income |
|---|---|
| £30,000 sole income | Up to £195,000 |
| £40,000 sole income | Up to £260,000 |
| £50,000 joint income | Up to £325,000 |
| £60,000 joint income | Up to £390,000 |
| £75,000 joint income | Up to £487,500 |
Illustrative figures only. The amount available will depend on affordability, credit history and Coventry Building Society’s lending criteria.
Who may be eligible?
Coventry’s enhanced borrowing is available to eligible first-time buyers who meet its criteria. The key requirements currently include:
Sole applicants must earn at least £30,000.
Joint applicants must have a combined income of at least £50,000.
No applicant can be self-employed.
The application must pass Coventry’s usual affordability, credit and lending checks.
A first-time buyer with the required income will not automatically qualify for 6.5 times their earnings. Existing loans, credit cards, childcare costs and other regular commitments may reduce the amount available.
Purchase with a deposit as low as 5%
The enhanced income multiple can potentially be combined with borrowing of up to 95% loan-to-value, meaning some eligible first-time buyers may be able to purchase with a deposit of just 5%.
For example, someone purchasing a property for £250,000 could require:
£12,500 deposit
£237,500 mortgage
Additional funds would still be needed for expenses such as solicitors’ fees, surveys, removals and any applicable Stamp Duty.
According to Coventry Building Society’s first-time buyer guide, it can also consider gifted deposits from a range of family members, including aunts, uncles and adopted children.
What about newly built properties?
Coventry has also increased its maximum loan-to-value limits for certain new-build properties.
Eligible buyers may now be able to borrow up to:
95% loan-to-value on owner-occupied new-build houses
85% loan-to-value on owner-occupied new-build flats
This could be particularly helpful because lenders sometimes apply lower loan-to-value limits to newly built properties, requiring buyers to provide larger deposits.
The changes were announced on 1 September 2026 and are intended to give first-time buyers with suitable incomes greater borrowing flexibility. Mortgage Solutions reported further details of the new criteria.
Is borrowing 6.5 times your income a good idea?
Access to a larger mortgage can help bridge the gap between your deposit, your previous borrowing limit and local property prices. However, the maximum available mortgage is not necessarily the amount you should borrow.
Before proceeding, it is important to consider:
Whether the monthly repayments remain comfortable
How your payments could change when the initial mortgage deal ends
The impact of future interest-rate increases
Changes to your income or employment
Childcare and other future commitments
The emergency savings you will retain after purchasing
The cost of maintaining and insuring the property
A mortgage adviser can assess the wider market and help you understand whether Coventry’s enhanced criteria—or an alternative lender—provides the most suitable option for your circumstances.
Could this help you buy your first home?
If you have previously been told that you cannot borrow enough, Coventry’s new criteria could change what is possible. This may be particularly relevant if you have a strong income but only a relatively small deposit.
At Manchester Independent Mortgages, we can:
Assess how much you may be able to borrow
Check whether you meet Coventry’s criteria
Compare Coventry with other first-time buyer lenders
Explain the likely monthly payments and overall costs
Obtain an Agreement in Principle
Support you throughout the mortgage and property-buying process
To discuss your first-time buyer mortgage options, contact our team today.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The information in this article is correct at the time of publication and is subject to change. All mortgages are subject to status, affordability, property valuation and the lender’s criteria. This article provides general information and does not constitute personal financial advice.