What Mortgage Can You Get on Your Salary?
Calculating how much you could borrow for a mortgage
Banks and building societies calculate mortgage loan sizes for residential properties based on income multiples, but not all mortgage providers use the same calculations.
Our borrowing tables below explain how to calculate how much you could borrow for a mortgage and how lenders assess affordability.
The figures below are for single or joint applicants with a clear credit history and a track record of employed or self-employed income.
While lenders use income multiples, they predominantly use mortgage affordability calculators to determine the maximum loan size. Most use different figures to calculate the maximum mortgage borrowing, and they have also been increasing their borrowing limits recently as the UK government aims to get the economy growing again.
Aaron Strutt, product director at Trinity Financial, says: "If you have credit cards, loans, cars on finance, second mortgages, children, child care costs, kids in private school, or any real ongoing credit commitment, they may reduce the maximum loan size. Trinity Financial's brokers work with a wide range of high street lenders, niche building societies, and specialist banks, potentially offering mortgages up to six times salary multiples.
"Higher income multiples offered through the largest lenders with the most competitively priced rates are often available to high earners, premier customers, people working in certain professions such as doctors and lawyers, or high net-worth individuals. The specialist lenders offering more generous income multiples often charge higher rates."
£35,000 to £39,000 salary per year
The table below shows example calculations for maximum mortgage borrowing based on salaries between £35,000 and £39,000 per year.
| Salary | 3.5 Times Income | 4 Times Income | 5 Times Income |
|---|---|---|---|
| £35,000 | £122,500 | £140,000 | £175,000 |
| £37,000 | £129,500 | £148,000 | £185,000 |
| £39,000 | £136,500 | £156,000 | £195,000 |
£50,000 to £60,000 salary per year
The table below shows example calculations for maximum mortgage borrowing based on salaries between £50,000 and £60,000 per year.
| Salary | 5 Times Income | 5.5 Times Income |
|---|---|---|
| £50,000 | £200,000 | £275,000 |
| £52,000 | £208,000 | £286,000 |
| £54,000 | £270,000 | £297,000 |
| £56,000 | £280,000 | £308,000 |
| £58,000 | £290,000 | £319,000 |
| £60,000 | £300,00 | £330,000 |
£70,000 to £95,000 salary per year
The table below shows example calculations for maximum mortgage borrowing based on salaries between £70,000 and £95,000 per year.
| Salary | 4.5 Times Income | 5 Times Income | 5.5 Times Income |
|---|---|---|---|
| £70,000 | £315,000 | £350,000 | £385,000 |
| £75,000 | £337,500 | £375,000 | £412,500 |
| £80,000 | £360,000 | £400,000 | £440,000 |
| £85,000 | £382,500 | £425,000 | £467,500 |
| £90,000 | £405,000 | £450,000 | £495,000 |
| £95,000 | £427,500 | £475,000 | £522,500 |
£100,000 to £200,000 salary per year
The table below shows example calculations for maximum mortgage borrowing based on salaries between £100,000 and £200,000 per year.
| Salary | 4.5 Times Income | 5 Times Income | 5.5 Times Income |
|---|---|---|---|
| £100,000 | £450,000 | £500,000 | £550,000 |
| £110,000 | £495,000 | £550,000 | £605,000 |
| £115,000 | £517,500 | £575,000 | £632,500 |
| £120,000 | £540,000 | £600,000 | £660,000 |
| £130,000 | £585,000 | £650,000 | £715,000 |
| £140,000 | £630,000 | £700,000 | £770,000 |
| £150,000 | £675,000 | £750,000 | £825,000 |
| £200,000 | £900,000 | £1,000,000 | £1,100,000 |
£250,000 to £310,000 salary per year
The table below shows example calculations for maximum mortgage borrowing based on salaries between £250,000 and £310,000 per year.
| Salary | 4.5 Times Income | 5 Times Income | 5.5 Times Income |
|---|---|---|---|
| £250,000 | £1,125,000 | £1,250,000 | £1,375,000 |
| £260,000 | £1,170,000 | £1,300,000 | £1,430,000 |
| £270,000 | £1,215,000 | £1,350,000 | £1,485,000 |
| £280,000 | £1,260,000 | £1,400,000 | £1,540,000 |
| £290,000 | £1,305,000 | £1,450,000 | £1,595,000 |
| £300,000 | £1,350,000 | £1,500,000 | £1,650,000 |
| £310,000 | £1,395,000 | £1,550,000 | £1,705,000 |
These tables give you an at-a-glance guide to the amount you might be able to borrow on your salary. Multiply your salary by 4, 4.5, 5 or even 6 to determine the kind of mortgage you can borrow against your earnings.
Trinity Financial's brokers can run mortgage affordability checks over the phone, or if your finances are a bit more complex, collect your financial information and then assess the market.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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