What salary do I need for a mortgage?

Monday February 20, 2023

Tell me…how much can I borrow on my salary?

How long is a piece of string?!

The truth is, there is no ‘one size fits all’ answer, as salary is only one factor that lenders consider when it comes to securing a mortgage.

Other factors include:

  • The cost of the property you want to buy;
  • The size of your deposit;
  • Your credit score;
  • The interest rate on your mortgage.

Generally, lenders will calculate your maximum mortgage amount based on your income, expenses (eg streaming subscriptions and household bills) and other financial obligations (eg outstanding loan repayments or motor insurance).

Most lenders require your monthly mortgage payments to be less than 28-35% of your gross (before tax is paid) monthly income. As a rough estimate, if you have a 20% deposit and a good credit score, you may be able to borrow around four times your annual income. 

However, it’s important to note️ that this is just a general guideline, and each lender has its own specific criteria for assessing mortgage applications. Speak to a professional broker, like largemortgageloans.com, who can help find the right mortgage from 100s of lenders, just for you.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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Largemortgageloans is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London