How much can I borrow for a mortgage if I earn £350,000 or £400,000?
The amount you can borrow for a mortgage in the UK depends mainly on your income, but lenders also consider your expenses, debts, deposit, credit score, and the type of mortgage.
As a general guideline, UK lenders typically offer 4 to 5.5 times your income, though some may stretch further in special cases (e.g., for high earners or professionals).
If you are a higher earner with a clear credit history and a deposit of 15% or 20% then you should have access to a host of lenders offering competitively priced and often low arrangement fees.
Trinity Financial's brokers have access to lenders offering mortgages specifically for loans between £1 million and £5 million, with rates starting from around 4%. The lenders offer even more generous terms to premier current account holders.
Mortgage Borrowing Estimates with a single or joint income of £350,000 or £400,000
Single Applicant or Joint Applicant with a salary:
|
Annual Income |
Conservative (4×) |
Moderate (4.5×) |
Aggressive (5.5×) |
|
£350,000 |
£1,400,000 |
£1,575,000 |
£1,925,000 |
|
£400,000 |
£1,600,000 |
£1,800,000 |
£2,200,000 |
Factors That Influence Mortgage Borrowing Power for Higher Earners:
- Credit Score: Better credit can help access higher multiples with the high street banks and building societies. Checking your credit report and fixing any errors is a good idea and can prevent problems in the future.
- Debt-to-Income Ratio: Lenders assess monthly obligations. The fewer outgoings you have the better. If you are planning to buy a property, it is advisable not to take on more credit cards or loans. Cars on finance also significantly reduce the amount of people can borrow for a mortgage.
- Deposit: A bigger deposit improves terms and affordability. A deposit of at least 15% or 20% is ideal.
- Profession: Some lenders offer higher multipliers to professionals (e.g., doctors, lawyers, consultants). These multiples also often apply to higher earners.
- Affordability Stress Tests: Lenders simulate higher interest rates to check affordability.
Example:
- If you're a single applicant earning £400,000 with no major debts and a strong credit score, you may realistically borrow up to £2.2 million.
- A joint application with £400,000 combined income could also access similar levels, depending on overall financial profile.
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Nationwide for Intermediaries offers a two-year fix at 3.90% for larger mortgage loans between £300,000 and £5 million for borrowers purchasing a property. The overall cost for comparison is 6.7% APRC. The fixed rate is 0.05% more expensive for remortgages.
If you borrowed £1 million on the 3.90% two-year fix, the monthly interest-only cost would be £3,250 increasing to £4,716.68 on capital repayment over a 30-year term.
This mortgage is available on either an interest-only or capital repayment basis, and borrowers require a 40% deposit to access the rate. After two years, Nationwide's mortgage will revert to a standard variable rate of 6.99% unless you switch deals, and early repayment charges apply.
Representative example: A Nationwide capital and interest mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 3.90% for two-years and then on the lender's 6.99% standard variable rate for the remaining 28 years. The 3.90% rate would require 24 monthly repayments of £4,716.68 followed by 336 payments of 6,541.36. The total amount repayable would be £2,312,611.28 made up of the loan amount, plus interest (£1,311,097.10) and £1,495 (product fee), £0 (final repayment charge), £15 (completion fee). The overall cost for comparison is 6.7% APRC representative.
Contact Trinity Financial on 020 7016 0790 to find out how much your £1 million mortgage would cost.
Certain banks and building societies will accept income paid in foreign currency. This includes US dollars, Euros, and Swiss Francs.
Other accepted currencies include: Australian Dollar, Bulgarian Lev, Canadian Dollar, Croatian Kuna, Czech Koruna, Danish Krone, Hungarian Forint, Japanese Yen, New Zealand Dollar, Norwegian Krone, Polish Zloty, Romanian Leu, Singapore Dollar and Swedish Krona.
Some lenders will factor in currency fluctuations and take a "haircut" so the amount you can borrow may be reduced.
Yes, many of the banks and building societies we work with offer interest-only £2 million+ mortgages.
In comparison to full capital repayment mortgages, interest-only mortgages mean borrowers will only pay the interest back each month rather than the whole amount owed. As a result, they typically need a creditable plan to repay the mortgage by the end of the term.
To find out whether an interest-only or part-interest-only mortgage suits you, contact Trinity Financial.
Trinity Financial specialises in arranging mortgages, and our team of expert mortgage advisers and their assistants do everything possible to secure the most competitively priced rates and the fastest mortgage offers.
We have access to the decision-makers at the lenders offering the leading mortgage rates and provide our clients with a first-class service.
We regularly work with clients over the phone to discuss applications and confirm the documentation we will require, and we also have an office on Upper Street in Islington where we meet clients.
Click here to view some of the mortgages we have arranged over the last 15 years.
Interest-only mortgages are popular with high-net-worth individuals and are constantly provided by private banks. These mortgages may help borrowers free up cash for other investments, businesses, or family members.
Most private banks offer interest only. Some private banks can issue interest-only mortgages up to 90% of the property value or through part and part mortgages where some of the loan is on capital repayment.
At Trinity Financial, we constantly monitor the £1 million+ mortgage market. Click here to view our £1 million mortgage table, which highlights the pick of the large loan rates.
https://www.trinityfinancialgroup.co.uk/mortgage-tools/million-pound-mortgage-best-buys/
It should take around ten working days for a £2 million mortgage to be agreed when the lender receives all of the documents it needs.
Some banks and building societies use system-generated property valuations rather than sending a valuer to assess the property and this speeds up the process.
If you would like to get a thorough inspection of the property our brokers can recommend specialist firms or you can find a local property surveyor.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
