Higher chance of approval What Mortgage Can You Get on Your Salary?
Calculate and maximise how much you could borrow by getting expert guidance on your mortgage application
Author: Pete Mugleston
Mortgage Advisor, MD
Reviewer: Nathan Porter
Independent Mortgage Advisor
How we reviewed this article:
Our experts continuously monitor changes in the financial space and work closely with qualified mortgage advisors for factual verification.
Mortgage lending for residential properties is usually based on income multiples, but not all mortgage providers use the same calculations.
We’ll explain how to calculate how much you could borrow for a mortgage and how mortgage lenders assess affordability
Calculating how much you could borrow
Most mortgage lenders will consider lending 4 or 4.5 times a borrower’s income, so long as you meet their affordability criteria. In some cases, you could find lenders willing to go up to 5 times income, or even 6 times income under the right circumstances.
Those who wish to borrow based on higher income multiples usually need to speak to a mortgage broker to find a specialist lender.
Mortgage Affordability Calculator
Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Get StartedSpeak to an expert broker
Maximise your chance of approval with a dedicated specialist broker
Get expert advice immediately if...
- You need to borrow more than 4.5 times your annual income
- You are only using one income on your application
- You earn income through sources such as Benefits, Commission or Rental income
- You consider yourself to be on ‘low’ income
If one or more of the above apply to you, it’s important to get expert advice before making an application. The right broker can help maximise your chances of approval based on your circumstance.
How much can you borrow on £12k a year?
Take a look at the chart below to see how much you could borrow with an annual income of £12,000 per year. For comparison purposes, we have included other salaries in this ballpark.
As you can see, even a slightly higher salary can make a big difference:
| Salary | 4.5 Times Income | 5 Times Income | 6 Times Income |
|---|---|---|---|
| £12,000 | £54,000 | £60,000 | £72,000 |
| £14,000 | £63,000 | £70,000 | £84,000 |
| £16,000 | £72,000 | £80,000 | £96,000 |
| £18,000 | £81,000 | £90,000 | £108,000 |
This chart is for comparative purposes only and we recommend that you contact your lender or broker for the most up-to-date information for your circumstances.
£20K to 28K per year
The table below shows example calculations for maximum borrowing based on salaries between £20,000 and £28,000 per year.
| Salary | 4.5 Times Income | 5 Times Income | 6 Times Income |
|---|---|---|---|
| £20,000 | £90,000 | £100,000 | £120,000 |
| £22,000 | £99,000 | £110,000 | £132,000 |
| £24,000 | £108,000 | £120,000 | £144,000 |
| £26,000 | £117,000 | £130,000 | £156,000 |
| £28,000 | £126,000 | £140,000 | £168,000 |
We're so confident in our service, we guarantee it.
We know it's important for you to have complete confidence in our service, and trust that you're getting the best chance of mortgage approval at the best available rate. We guarantee to get your mortgage approved where others can't - or we'll give you £100*
£30k to £34K per year
The table below shows example calculations for maximum borrowing based on salaries between £30,000 and £34,000 per year.
| Salary | 4.5 Times Income | 5 Times Income | 6 Times Income |
|---|---|---|---|
| £30,000 | £135,000 | £150,000 | £180,000 |
| £32,000 | £144,000 | £160,000 | £192,000 |
| £34,000 | £153,000 | £170,000 | £204,000 |
£35K to 39K per year
The table below shows example calculations for maximum borrowing based on salaries between £35,000 and £39,000 per year.
| Salary | 4.5 Times Income | 5 Times Income | 6 Times Income |
|---|---|---|---|
| £35,000 | £157,000 | £175,000 | £210,000 |
| £37,000 | £166,500 | £185,000 | £222,000 |
| £39,000 | £175,500 | £195,000 | £234,000 |
Did you know… You could access 30% more of the mortgage market with a broker on your side.
Speak to an expert broker
Maximise your chance of approval with a dedicated specialist broker
£40k to £48k per year
If you want to buy a house with a £40,000-to-£48,000 salary, and can meet lender’s affordability criteria, the following table will give you a guide as to how much you may be able to borrow on a mortgage.
| Salary | 4.5 Times Income | 5 Times Income | 6 Times Income |
|---|---|---|---|
| £40,000 | £180,000 | £200,000 | £240,000 |
| £42,000 | £189,000 | £210,000 | £252,000 |
| £44,000 | £198,000 | £220,000 | £264,000 |
| £46,000 | £207,000 | £230,000 | £276,000 |
| £48,000 | £216,000 | £240,000 | £288,000 |
£50K to £60k per year
The table below shows example calculations for maximum borrowing based on salaries between £50,000 and £60,000 per year.
| Salary | 4.5 Times Income | 5 Times Income | 6 Times Income |
|---|---|---|---|
| £50,000 | £225,000 | £250,000 | £300,000 |
| £52,000 | £234,000 | £260,000 | £312,000 |
| £44,000 | £198,000 | £220,000 | £264,000 |
| £54,000 | £243,000 | £270,000 | £324,000 |
| £56,000 | £252,000 | £280,000 | £336,000 |
| £58,000 | £261,000 | £290,000 | £348,000 |
| £60,000 | £270,000 | £300,000 | £360,000 |
Rhianna has been fantastic
We had a very special need. 3 way mortgage with all 3 salaries counting towards the affordability. We contacted several mortgage advisors but OMA were the only ones who came through for us.
Michael
Good speedy service got us 5.5 lender…
Good speedy service got us 5.5 times our income with a lender which is what we wanted, thanks Joanne!
Mr T Golubevas
They pulled out all the stops
Great staff and good communication. Helped us understand the process and gone over and above to help in a difficult situation. Other companies couldn't even be bothered but Thank you so much!
Anneke Woolley
Rated 4.8 out of 5 stars across Trustpilot, Feefo and Google
£70k to £95k per year
The table below shows example calculations for maximum borrowing based on salaries between £70,000 and £95,000 per year.
| Salary | 4.5 Times Income | 5 Times Income | 6 Times Income |
|---|---|---|---|
| £70,000 | £315,000 | £350,000 | £420,000 |
| £75,000 | £337,500 | £375,000 | £450,000 |
| £80,000 | £360,000 | £400,000 | £480,000 |
| £85,000 | £382,500 | £425,000 | £510,000 |
| £90,000 | £405,000 | £450,000 | £540,000 |
| £95,000 | £427,500 | £475,000 | £570,000 |
£100k to £200K per year
The table below shows example calculations for maximum borrowing based on salaries between £100,000 and £200,000 per year.
| Salary | 4.5 Times Income | 5 Times Income | 6 Times Income |
|---|---|---|---|
| £100,000 | £450,000 | £500,000 | £600,000 |
| £110,000 | £495,000 | £550,000 | £660,000 |
| £115,000 | £517,500 | £575,000 | £690,000 |
| £120,000 | £540,000 | £600,000 | £720,000 |
| £130,000 | £585,000 | £650,000 | £780,000 |
| £140,000 | £630,000 | £700,000 | £840,000 |
| £150,000 | £675,000 | £750,000 | £900,000 |
| £200,000 | £900,000 | £1,000,000 | £1,200,000 |
These tables give you an at-a-glance guide to the amount you might be able to borrow on your salary.
If you earn £250,000 or more, the same multiples will apply so simply multiply your salary by 4, 4.5 or 6 to find out the kind of mortgage you may be able to borrow against your earnings.
How much can you borrow with a joint salary?
Many borrowers apply for a joint mortgage with another applicant, whether that be a partner, relative or friend, which means that more than one income can be taken into consideration when calculating affordability.
For example, if two people applied for a mortgage and they both earned £20,000 a year, the lender would calculate their overall annual salary as £40,000. If the lender agreed to loan the pair 5 x this amount, they could borrow £200,000.
Get matched with the right mortgage broker
We understand that each situation is unique. If you would like a detailed insight into how much you could borrow on a mortgage from your household income, get in touch today.
Call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry online
Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. It costs nothing to make an enquiry and there’s absolutely no obligation or marks on your credit rating.
FAQs
Most mortgage lenders don’t specific a minimum income requirement. As we’ve discussed throughout this article, the amount you need to borrow would usually need to be no more than 4.5-5 times the annual salary of all the applicants who will be named on the mortgage combined.
If your total income falls short of this, keep in mind that a mortgage broker could find you a flexible lender who offers up to 6 times salary mortgages or allows applicants to declare supplemental income, such as benefits, investments and freelance work on the side.
Ask us a question
Want to know exactly how much you could borrow based on your income?
Drop us a query with your exact income and we will have an expert broker answer any questions you have about how much you could borrow.
Get in touch today
Make an enquiry and we'll arrange for an experienced mortgage broker we work with to contact you straight away.
About the author
Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.
Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!
Pete Mugleston
Mortgage Advisor, MD