Affordability
What Mortgage Can I Get on My Salary?
Lenders typically base borrowing limits on a multiple of your income, but affordability checks look at much more than just your salary.
Despite mortgage providers taking into account several factors such as your credit score 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?
- How many times my salary can I borrow for a mortgage?
- How much can I borrow for a mortgage on a low income?
- Can I get a mortgage on 20k a year?
- What mortgage can I get on 30k?
- Mortgage with 40k salary
- Mortgage with 50k salary
- Mortgage on 60k salary
- Mortgage on 70k salary
- Mortgage on 80k salary
- Mortgage on 100k-200k
- How much can I borrow with a joint salary?
- Should I take the maximum I can borrow?
- How do I increase my borrowing capacity?
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, yet some will 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 is 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 otherwise, 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 |
How much can I borrow with a joint salary?
When applying for a joint mortgage, whether a partner, family member, or friend, lenders consider both incomes to figure out how much you can borrow.
For instance, if both you and your partner earn £30,000 per year, then the lender would assess a combined income of £60,000. This evidently increases your borrowing potential, making it easier to afford a higher-value property as opposed to if you applied individually.
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 because events such as facing redundancy, taking a career break, or experiencing a reduction in income will impact your ability to meet your mortgage obligations.
How do I increase my borrowing capacity?
Even with schemes like the 95% mortgage for first-time buyers, people do still struggle to afford an average property in the UK due to limited savings or income, but the good news is there are several ways to boost your borrowing potential.
1. Get help from family
Family members could assist by releasing equity from their property to give you a gifted deposit, removing the need to downsize, access their pension, or sell other assets.
Another option is a joint borrower sole proprietor (JBSP) mortgage, where a family member’s income is considered alongside yours. They don’t need to be on the property deed or secure the mortgage against their own home, yet their earnings will increase your borrowing capacity.
2. Progress in your career
Advancing your employment situation will significantly strengthen your mortgage application, entailing either moving from a fixed-term or temporary contract to a permanent role, or securing a pay rise.
Employers are receptive to salary increases if you can demonstrate your contributions, especially after at least a year in your role, and a well-supported request will ultimately improve your income and, in turn, your borrowing potential.
3. Improve your credit score
An excellent credit score increases your options and chances of accessing favourable mortgage terms, i.e., a higher rating will mean you’ll be able to get loans with higher loan-to-value ratios and lower interest rates.
Conversely, poor credit or rejected applications will delay the process and signal potential lenders, making future approvals more difficult. If you want to ensure your eligibility, it'll be time well spent using our free credit check tool (£14.99 per month after the free 7-day trial). Using it will help you to spot any potential mistakes or fraudulent activity on your profile, so that you can deal with such problems. The trial and subscription can be cancelled at any time.
4. Consider a longer mortgage term
While extending the term won’t increase the total loan you’re offered, it will reduce monthly repayments, making your mortgage more affordable. Standard affordability assessments assume a 25-year term, but opting for 30 or 35 years eases cash flow.
Bear in mind, a longer term usually means paying more interest over the life of the loan, so it’s a balance between short-term affordability and long-term cost.
5. Speak to a mortgage broker
The tables provided throughout are for comparison purposes only, and so we strongly advise reaching out to a mortgage broker for the most accurate and up-to-date information tailored to your specific circumstances.
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.
At The Mortgage Genie, 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 0191 580 9890. And why not see how much you could borrow up to right now by using our mortgage calculator?
The above blog has information contained within which was correct at the time of publication but is subject to change.
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.
FAQs
- Can I get a mortgage for 5 or 6 times my salary? Yes, but this is only realistic for high earners, those with strong career progression, or those who have a big deposit saved up. As such, lenders will therefore carefully assess your income, job stability, and overall financial situation before offering such a high multiple.
- Is a 30k salary enough to buy a house? Yes, this is achievable, particularly if you use government schemes or focus on more affordable regions. On a £30,000 salary, your typical borrowing capacity would be between £120,000-£135,000, although the exact figure will depend on your existing debts, the size of your deposit, and your credit history.
- Is a 50% of salary on a mortgage too much? Allocating 50% of your salary to mortgage repayments is very high-risk. It’s recommended instead to keep housing costs at around 28% of your income because putting half of your wage into a mortgage leaves little room for savings, unexpected expenses, or general living, which inevitably creates financial strain.
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