How much do I need to earn to get a £400,000 or £450,000 mortgage?
What Salary Is Needed To Get A £400,000 Or £450,000 mortgage?
To estimate how much you need to earn annually to get a £400,000 or £450,000 mortgage in the UK, lenders typically use income multiples or affordability calculators, usually offering 4 to 4.5 times your gross annual salary. However, some go up to 5 or even 6 times for high earners, first-time buyers, or those with very good credit.
In recent months, banks and building societies have been easing their mortgage affordability stress tests, which means first-time buyers, next-time buyers, and homeowners planning to remortgage should all be able to borrow more. Proving they have a good credit history.
Aaron Strutt, product director at Trinity Financial, says: "There is a lot of competition in the mortgage industry to attract borrowers, and this means some lenders are more generous. Some of the major lenders will offer significantly larger mortgages than their competitors, and certain building societies can also provide higher income multiples. Our brokers will take the time to shop around to find the most competitively priced and suitable mortgages for our clients."
Rough Income Estimates for a £400,000 or £450,000 Mortgage:
| Mortgage Amount | 4x Income* | 4.5x Income* | 5x Income* | 6x Income* |
|---|---|---|---|---|
| £400,000 | £100,000 | £88,889 | £80,000 | £66,667 |
| £450,000 | £112,500 | £100,000 | £90,000 | £75,000 |
Factors that Affect Mortgage Affordability:
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Your deposit size – The bigger the deposit, the less you need to borrow. However, there are lots of low-deposit mortgages available now.
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Other debts – Credit cards, loans, car finance, school fees or child care costs, all can lower your borrowing potential.
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Credit score – A strong credit score can help you secure higher income multiples.
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Lender policies – Some banks cap borrowing lower based on expenses or dependents.
- If you are struggling to meet affordability, read our top mortgage scheme blog.
Example Scenario:
If you're earning either with a single income or as part of a joint salary, with £90,000 per year, you might:
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Afford £450,000 at 5x your income, or if you're a first-time buyer, up to £540,000.
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Afford £400,000 at around 4.5x.
If you are a first-time buyer, it may be possible to borrow up to six times your salary through Nationwide for Intermediaries using the Helping Hand Scheme.
Let’s break it down properly, including deposit size and estimated monthly repayments, assuming a typical UK mortgage.
1. Mortgage Scenarios with Deposit Sizes for £400,000 and £450,000 Mortgage
Let’s assume 5%, 10%, and 15% deposits for both property values:
| Property Price | Deposit % | Deposit Amount | Mortgage Needed |
|---|---|---|---|
| £400,000 | 5% | £20,000 | £380,000 |
| £400,000 | 10% | £40,000 | £360,000 |
| £400,000 | 15% | £60,000 | £340,000 |
| £450,000 | 5% | £22,500 | £427,500 |
| £450,000 | 10% | £45,000 | £405,000 |
| £450,000 | 15% | £67,500 | £382,500 |
2. Required Salary (Based on Mortgage Size)
| Mortgage | 4x Income | 4.5x Income | 5x Income |
|---|---|---|---|
| £340,000 | £85,000 | £75,556 | £68,000 |
| £360,000 | £90,000 | £80,000 | £72,000 |
| £380,000 | £95,000 | £84,444 | £76,000 |
| £382,500 | £95,625 | £85,000 | £76,500 |
| £405,000 | £101,250 | £90,000 | £81,000 |
| £427,500 | £106,875 | £95,000 | £85,500 |
3. Monthly Repayments Estimate
While the vast majority of borrowers take full capital repayment mortgages, there are options for part interest-only and part capital repayment mortgages.
Assuming:
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5% interest (representative fixed rate)
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25-year term
| Mortgage | Monthly Payment (est.) |
|---|---|
| £340,000 | ~£1,992 |
| £360,000 | ~£2,110 |
| £380,000 | ~£2,227 |
| £405,000 | ~£2,373 |
| £427,500 | ~£2,504 |
These are interest + capital repayments over 25 years. You could lower payments with a longer term (30–35 years) or by securing a lower interest rate (say 4.5%).
Summary Example:
To buy a £450,000 home with a 10% deposit (£45,000), with a pay rate of 5%, you’d need:
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Mortgage: £405,000
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Income needed: ~£90,000 (if 4.5x)
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Monthly repayments: ~£2,367 a month
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.
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