What Mortgage Can You Get on Your Salary?
Find out how much mortgage you could get on your salary. Get expert advice to maximise how much you could borrow.
Author: Pete Mugleston
CeMAP Mortgage Advisor, MD
Reviewed by: Sheridan Repton
Bad Credit and BTL Specialist
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. However, these income multiples are typically reserved for high earners, such as those in certain professions like doctors and lawyers, or high-net-worth individuals.
Those who wish to borrow based on higher income multiples usually need to speak to a mortgage broker to find a specialist lender.
If you’re applying for a joint mortgage, you can add together the income of all applicants when using our affordability calculator.
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.
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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 a ‘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 circumstances. Get Expert Advice
How much can you borrow on £15k a year?
Take a look at the chart below to see how much you could borrow with an annual income of £15,000 per year. For comparison purposes, we have included salaries from 3 times to 4.5 times income.
As you can see, even a slightly higher salary can make a big difference:
| Salary | 3 Times | 4 Times | 4.5 Times Income |
|---|---|---|---|
| £15,000 | £45,000 | £60,000 | £67,500 |
| £16,000 | £48,000 | £64,000 | £72,000 |
| £17,000 | £51,000 | £68,000 | £76,500 |
| £18,000 | £54,000 | £72,000 | £81,000 |
| £19,000 | £57,000 | £76,000 | £85,500 |
This chart is for comparative purposes only. We recommend that you contact your lender or broker for the most up-to-date information regarding 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 | 3 Times Income | 4 Times Income | 4.5 Times Income |
|---|---|---|---|
| £20,000 | £60,000 | £80,000 | £90,000 |
| £22,000 | £66,000 | £88,000 | £99,000 |
| £24,000 | £72,000 | £96,000 | £108,000 |
| £26,000 | £78,000 | £104,000 | £117,000 |
| £28,000 | £84,000 | £112,000 | £126,000 |
£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 | 3 Times Income | 4 Times Income | 4.5 Times Income |
|---|---|---|---|
| £30,000 | £90,000 | £120,000 | £135,000 |
| £32,000 | £96,000 | £128,000 | £144,000 |
| £34,000 | £102,000 | £136,000 | £153,000 |
£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 | 3 Times Income | 4 Times Income | 4.5 Times Income |
|---|---|---|---|
| £35,000 | £105,000 | £140,000 | £157,000 |
| £37,000 | £111,000 | £148,000 | £166,500 |
| £39,000 | £117,000 | £156,000 | £175,500 |
Did you know… You could access 30% more of the mortgage market with a broker on your side.
Secure The Best Mortgage With Help From Our Experts
Get a free consultation from a mortgage advisor today
-
Tailored advice from an expert
-
Get the best deal available for you
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Save more with our partner services
£40k to £48k per year
If you want to buy a house with a £40,000-to-£48,000 salary and meet the lender’s affordability criteria, the following table will guide you on how much you may be able to borrow on a mortgage.
| Salary | 3 Times Income | 4 Times Income | 4.5 Times Income |
|---|---|---|---|
| £40,000 | £120,000 | £160,000 | £180,000 |
| £42,000 | £126,000 | £168,000 | £189,000 |
| £44,000 | £132,000 | £176,000 | £198,000 |
| £46,000 | £138,000 | £184,000 | £207,000 |
| £48,000 | £144,000 | £192,000 | £216,000 |
£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 Times Income | 4.5 Times Income |
|---|---|---|
| £50,000 | £200,000 | £225,000 |
| £52,000 | £208,000 | £234,000 |
| £54,000 | £216,000 | £243,000 |
| £56,000 | £224,000 | £252,000 |
| £58,000 | £232,000 | £261,000 |
| £60,000 | £240,000 | £270,000 |
£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, multiply your salary by 4, 4.5 or 6 to determine the kind of mortgage you can 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 5x this amount, they could borrow £200,000.
Why Use OnlineMortgageAdvisor?
No matter your mortgage situation, we’ve got you covered. Our mortgage experts support you from the start to the finish of your application. Our specialists can search the market to find the best deal available to you given your current salary.
With access to hundreds of lenders, your dedicated mortgage adviser can find the best possible mortgage deal for your circumstances. We’re so confident in our service that we guarantee it – if you find a better mortgage deal elsewhere, we’ll give you £100*.
Call 0330 818 7026 or make an enquiry for a free consultation, and a member of our team will explain exactly how we can help
FAQs
Most mortgage lenders don’t specify 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, 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
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.
Pete Mugleston
CeMAP Mortgage Advisor, MD
Pete, a CeMAP-qualified mortgage advisor and 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 successfully went the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained and 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!
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