What Mortgage Can I Get on My Salary?
Despite mortgage providers taking into account several factors such as your credit score and credit commitments when deciding to offer you a loan, the maximum loan amount available to you does primarily hinge on your income.
And so, to give you an idea of what mortgage you can get on your salary, we’ve put together this guide which walks you through the range of figures you can expect to see at different earning brackets. We’ll go over:
How much do I need to earn to get a mortgage?
There isn't a fixed income threshold for securing a mortgage. Instead, lenders assess your borrowing capacity individually.
Having said this, it's worth noting that select lenders may in fact impose a minimum income requirement before considering your mortgage application.
How many times my salary can I borrow for a mortgage?
Typically, lenders consider lending between 4.5-5 times your salary, though some may extend to 6 times depending on your situation. However, such flexibility is less common and contingent upon your specific circumstances.
How much can I borrow for a mortgage on a low income?
Securing a mortgage with a low income is certainly feasible, and though what constitutes a low income is subjective, it can be generally defined as one falling below the national average.
The table below outlines potential borrowing options across various lower income brackets, based upon the lending multiples provided by your lender.
Salary | 4.5 x Income Multiple | 5 x Income Multiple | 6 x Income Multiple |
£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 |
Can I get a mortgage on 20k a year?
Yes, here are some calculations illustrating the maximum borrowing potential based on annual salaries ranging from £20,000 to £29,000.
Salary | 4.5 x Income Multiple | 5 x Income Multiple | 6 x Income Multiple |
£20,000 | £90,000 | £100,000 | £120,000 |
£21,000 | £94,500 | £105,000 | £125,000 |
£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 |
What mortgage can I get on 30k?
If your annual income falls between £30,000 and £39,000, the table below indicates the maximum mortgage you're likely to qualify for. Again, this amount is subject to the income multiples offered by your chosen mortgage provider.
Salary | 4.5 x Income Multiple | 5 x Income Multiple | 6 x Income Multiple |
£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 |
£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 |
Mortgage with 40k salary
If you're considering purchasing a house with an annual salary ranging from £40,000 to £49,000 and meet the lender's affordability criteria, the table below serves as a guide indicating the potential borrowing capacity for your mortgage.
Salary | 4.5 x Income Multiple | 5 x Income Multiple | 6 x Income Multiple |
£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 |
Mortgage with 50k salary
If your annual income falls within the range of £50,000 to £59,000, the table below demonstrates the maximum mortgage amount you could qualify for, subject to meeting the lender's additional criteria.
Salary | 4.5 x Income Multiple | 5 x Income Multiple | 6 x Income Multiple |
£50,000 | £225,000 | £250,000 | £300,000 |
£51,000 | £229,500 | £255,000 | £306,000 |
£52,000 | £243,000 | £260,000 | £312,000 |
£53,000 | £238,500 | £265,000 | £318,000 |
£54,000 | £243,000 | £270,000 | £324,000 |
£55,000 | £247,500 | £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 |
Mortgage on 60k salary
The table below shows the potential mortgage levels typically offered for an annual salary of £60,000 and above.
Salary | 4.5 x Income Multiple | 5 x Income Multiple | 6 x Income Multiple |
£60,000 | £270,000 | £300,000 | £360,000 |
£61,000 | £274,500 | £305,000 | £366,000 |
£62,000 | £279,000 | £310,000 | £372,000 |
£63,000 | £283,500 | £315,000 | £378,000 |
£64,000 | £288,000 | £320,000 | £384,000 |
£65,000 | £292,500 | £325,000 | £390,000 |
Mortgage on 70k salary
In the higher income brackets like £70,000 per year, whether as a single applicant or jointly, you are likely to be approved for a maximum mortgage based on the figures provided below.
Salary | 4.5 x Income Multiple | 5 x Income Multiple | 6 x Income Multiple |
£70,000 | £315,000 | £350,000 | £420,000 |
£75,000 | £337,500 | £375,000 | £450,000 |
Mortgage on 80k salary
The following table displays the typical mortgage levels available for an annual salary of £80,000 and above.
Salary | 4.5 x Income Multiple | 5 x Income Multiple | 6 x Income Multiple |
£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 |
Mortgage on 100k-200k
If your annual income exceeds £100,000, you're usually entitled to have greater flexibility in borrowing a substantial mortgage amount and negotiating more favourable interest rates.
Below is an indication of the maximum amount you might expect to be offered, subject to alignment with the lender's criteria and the income multiples they can provide.
Salary | 4.5 x Income Multiple | 5 x Income Multiple | 6 x Income Multiple |
£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 |
Should I take the maximum I can borrow?
It's prudent to borrow only what you're confident you can comfortably manage, as missing mortgage payments can lead to significant penalties or even the repossession of your home.
When determining your borrowing amount, it's essential to factor in potential future changes in your circumstances. Events such as facing redundancy, taking a career break, or experiencing a reduction in income could impact your ability to meet your mortgage obligations.
Speak to a mortgage broker
The tables provided throughout are for comparison purposes only. For the most accurate and up-to-date information tailored to your specific circumstances, we strongly advise reaching out to a mortgage broker.
Individuals who are considering borrowing based on higher income multiples will particularly benefit from consulting with a mortgage broker to identify specialist lenders equipped to deal with their case.
We recognise that every situation is distinct, which is why our team of mortgage brokers with specialised expertise is available to support you, regardless of your circumstances.
For a comprehensive understanding of your potential borrowing capacity based on your household income, don't hesitate to contact us today at 01915809890. And why not see how much you could borrow up to right now by using our mortgage calculator?
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.