Calculate and maximise how much you could borrow by getting expert guidance on your mortgage application Show
Get Started Calculate My Affordability No impact on credit score 4.8 out of 5 stars across Trustpilot, Feefo and Google! Our customers love Online Mortgage Advisor Home Mortgage Affordability What Mortgage Can You Get On Your Salary?Author: Pete Mugleston - Mortgage Advisor, MD Reviewed By: Nathan Porter - Independent Mortgage Advisor Updated: November 28, 2022 History Current Version October 3, 2022 Peer Reviewed By Nathan Porter, Independent Mortgage Advisor Edited By Mark Langshaw, Content Manager With the unpredictability of the mortgage market, we want you to have complete confidence in our service, and trust that you're getting the best available rate and the highest chance of mortgage approval. If you're concerned or confused about what to do next, Get In Touch and we'll match you with a Specialist who'll give you the right advice for you and your circumstance. Get Started 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. What are you looking for? How much can you borrow on your salary?
Calculate how much you could borrow on your salary
How much 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… Mortgage Affordability CalculatorOur 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. Your Income Input full salaries for all applicants £ Calculate You could borrow up toMost 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 Started 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.
Speak to an expert brokerMaximise your chance of approval with a dedicated specialist broker Get Started Ask Us A Question Ask Us A Question Want to know exactly how much you could borrow based on your income?
Ask us anything! * How quickly are you looking to proceed? * 1 of 3 Next Which of the below best applies to your situation? What is the approximate value of the property? * £ And how much are you looking to borrow in total? * £ What is the total, approximate annual income of all applicants before tax? * £ Back 2 of 3 Next First name * Last name * Email * Phone number * Back 3 of 3 Send! 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 expert advice immediately if...
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. Get Expert Advice 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: Salary4.5 Times Income5 Times Income6 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. £20K to 29K per yearThe table below shows example calculations for maximum borrowing based on salaries between £20,000 and £29,000 per year. Salary4.5 Times Income5 Times Income6 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 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* Get Started Find Out More
£30k to £34K per yearThe table below shows example calculations for maximum borrowing based on salaries between £30,000 and £34,000 per year. Salary4.5 Times Income5 Times Income6 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 £35K to 39K per yearThe table below shows example calculations for maximum borrowing based on salaries between £35,000 and £39,000 per year. Salary4.5 Times Income5 Times Income6 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
Speak to an expert brokerMaximise your chance of approval with a dedicated specialist broker Get Started Ask Us A Question Ask Us A Question Want to know exactly how much you could borrow based on your income?
Ask us anything! * How quickly are you looking to proceed? * 1 of 3 Next Which of the below best applies to your situation? What is the approximate value of the property? * £ And how much are you looking to borrow in total? * £ What is the total, approximate annual income of all applicants before tax? * £ Back 2 of 3 Next First name * Last name * Email * Phone number * Back 3 of 3 Send! £40k to £49k per yearIf you want to buy a house with a £40,000-to-£49,000 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. Salary4.5 Times Income5 Times Income6 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 £50K to £59k per yearThe table below shows example calculations for maximum borrowing based on salaries between £50,000 and £59,000 per year. Salary4.5 Times Income5 Times Income6 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 Rated Excellent by our customersRhianna 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, 12 days ago £60k to £95k per yearThe table below shows example calculations for maximum borrowing based on salaries between £60,000 and £95,000 per year. Salary4.5 Times Income5 Times Income6 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 £100k to £200K per yearThe table below shows example calculations for maximum borrowing based on salaries between £100,000 and £200,000 per year. Salary4.5 Times Income5 Times Income6 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. Get matched with the right mortgage brokerWe 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?
Ask us anything! * How quickly are you looking to proceed? * 1 of 3 Next Which of the below best applies to your situation? What is the approximate value of the property? * £ And how much are you looking to borrow in total? * £ What is the total, approximate annual income of all applicants before tax? * £ Back 2 of 3 Next First name * Last name * Email * Phone number * Back 3 of 3 Send! Article RevisionsCurrent Version October 3, 2022 Peer Reviewed By Nathan Porter, Independent Mortgage Advisor Edited By Mark Langshaw, Content Manager Related ArticlesMortgage Affordability & the Rule of thumb for Mortgage AmountsRead more What Mortgage Can You Get on Your Salary?Read more Getting a Mortgage for 5x Your SalaryRead more 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 PetePete Mugleston Mortgage Advisor, MD Continue Reading
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. |