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What Mortgage Can You Get on Your Salary?

Calculate and maximise how much you could borrow by getting expert guidance on your mortgage application

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 20, 2022

Mortgage lending for residential properties is usually based on income multiples, but not all mortgage providers use the same calculations.

If you’re wondering how much you could borrow based on your salary, you’ve come to the right place. In this guide, you’ll learn how far your income will stretch, what factors determine this and how to maximise your potential borrowing.

How much mortgage can you borrow on your salary?

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, we could find lenders willing to go up to 5 times income.

In a few exceptional cases, you might be able to borrow as much as 6 times your annual income. Although to find lenders willing to lend at levels this high, it’s likely you will need help from a specialist mortgage broker.

Try our mortgage affordability calculator below to get a rough idea of how far your income is likely to stretch…

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Mortgage Affordability Calculator

Our affordability calculator can tell you how much you can potentially borrow from a mortgage lender. Simply enter your total household income below and our calculator will do the rest.

Input full salaries for all applicants
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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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According to the most recent Annual Survey of Hours and Earnings, the average annual salary in the UK is £28,677.

However, this amount is not representative of everyone and it’s important to know that even on a lower income, you may still be able to get a mortgage.

How is a joint mortgage calculated?

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 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.

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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.

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How much can you borrow on £12k a year?

A lot of people in lower salary brackets believe that they won’t be accepted for a low income mortgage, often because of misinformation or because they have been rejected by a lender in the past.

However, there are lenders that specialise in mortgages for borrowers on a lower wage.

Sometimes these mortgages can come with higher interest rates, so always speak to a mortgage broker before applying as they will have access to a range of lenders, some of which may be able to offer you a better, more affordable deal.

Take a look at the chart below to see how much you could borrow depending on your salary and potential income multiple.

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
£13,000 £58,500 £65,000 £78,000
£14,000 £63,000 £70,000 £84,000
£15,000 £67,500 £75,000 £90,000
£16,000 £72,000 £80,000 £96,000
£17,000 £76,500 £85,000 £102,000
£18,000 £81,000 £90,000 £108,000
£19,000 £85,500 £95,000 £114,000

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.

How much can I borrow on £20K-29K a year?

Salary 4.5 Times Income 5 Times Income 6 Times Income
£20,000 £90,000 £100,000 £120,000
£21,000 £94,500 £105,000 £126,000
£22,000 £99,000 £110,000 £132,000
£23,000 £103,500 £115,000 £138,000
£24,000 £108,000 £120,000 £144,000
£25,000 £112,500 £125,000 £150,000
£26,000 £117,000 £130,000 £156,000
£27,000 £121,500 £135,000 £162,000
£28,000 £126,000 £140,000 £168,000
£29,000 £130,500 £145,000 £174,000

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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.

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How much can I borrow on £30k-£34K a year?

Salary 4.5 Times Income 5 Times Income 6 Times Income
£30,000 £135,000 £150,000 £180,000
£31,000 £139,500 £155,000 £186,000
£32,000 £144,000 £160,000 £192,000
£33,000 £148,500 £165,000 £198,000
£34,000 £153,000 £170,000 £204,000

How much can I borrow on £35K-39K a year?

Salary 4.5 Times Income 5 Times Income 6 Times Income
£35,000 £157,000 £175,000 £210,000
£36,000 £162,000 £180,000 £216,000
£37,000 £166,500 £185,000 £222,000
£38,000 £171,000 £190,000 £228,000
£39,000 £175,500 £195,000 £234,000

How much can I borrow on £40k-£49k a year?

If you want to buy a house with a £40,000 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. To find a mortgage to suit you, speak to one of the expert brokers we work with.

Salary 4.5 Times Income 5 Times Income 6 Times Income
£40,000 £180,000 £200,000 £240,000
£41,000 £184,500 £205,000 £246,000
£42,000 £189,000 £210,000 £252,000
£43,000 £193,500 £215,000 £258,000
£44,000 £198,000 £220,000 £264,000
£45,000 £202,500 £225,000 £270,000
£46,000 £207,000 £230,000 £276,000
£47,000 £211,500 £235,000 £282,000
£48,000 £216,000 £240,000 £288,000
£49,000 £220,500 £245,000 £294,000
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How much can I borrow on £50K-£59k a year?

Salary 4.5 Times Income 5 Times Income 6 Times Income
£50,000 £225,000 £250,000 £300,000
£51,000 £184,500 £205,000 £246,000
£52,000 £234,000 £260,000 £312,000
£53,000 £238,500 £265,000 £318,000
£44,000 £198,000 £220,000 £264,000
£54,000 £243,000 £270,000 £324,000
£55,000 £247,000 £275,000 £330,000
£56,000 £252,000 £280,000 £336,000
£57,000 £256,500 £285,000 £342,000
£58,000 £261,000 £290,000 £348,000
£59,000 £265,500 £295,000 £354,000

How much can I borrow on £60k-£95k a year?

Salary 4.5 Times Income 5 Times Income 6 Times Income
£60,000 £270,000 £300,000 £360,000
£65,000 £292,500 £325,000 £390,000
£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

How much can I borrow on £100k-£200K a 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.

Does bad credit affect how much you need to earn?

Bad credit can affect the number of lenders who are willing to lend to you and therefore the range of mortgages you have available to choose from. And while you could get your desired principal (initial size of your mortgage), you may have to pay a higher rate of interest, costing you more overall.

Read our guide to bad credit mortgages to find out more.

How much do you need to earn as an older borrower?

Some mortgage providers cap the maximum age a borrower can be at application or at the end of the mortgage term which can be frustrating if you are an older borrower.

The reason for this is lenders are concerned that you won’t be able to meet the mortgage repayments once you enter retirement.

However, there are lenders who will consider older borrowers, if they can prove that their income will be sufficient enough throughout the duration of the mortgage.

See our guide to later-life mortgages for more information.

How much do you need to earn to get a buy-to-let mortgage?

Some buy-to-let mortgage providers will require you to earn a minimum of £25,000 per year in order to apply for a buy to Let mortgage.

That being said, some lenders will also take the amount of potential rental income you’re likely to achieve into consideration.

As a general rule of thumb, most lenders will expect you to charge 25% –45% more than your mortgage repayment in rent as this provides sufficient income to pay your mortgage as well as any unexpected bills or repairs that may need doing.

Speak to an expert today

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.

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.

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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 OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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