What Income Do I Need to Prove to Get a UK Mortgage?
The question of how much income you need to qualify for the mortgage you want is common. Unfortunately, the answer isn't always obvious, since a different lender might offer a very different mortgage value depending on their criteria.
Lenders use varying calculations and policies to decide what they can lend, so you won't get the same amount of borrowing from two different banks.
In this guide, the Revolution Brokers team explains how mortgage caps work and why you might be offered a very different value from two mortgage brokers providers.
If you are looking for a mortgage of a specific value, or have found the property of your dreams, give us a call on 0330 304 3040, or email us at [email protected] and we'll recommend the best options.
How Do Income Calculations Work on a Mortgage Application?
Initially, most lenders will use a simple multiple, starting with your salary, to arrive at an indication as to what they can lend.
Mortgages of four times your salary are typical, but you can borrow five or six times that in some circumstances.
The table below shows a range of lenders, and the maximum they might offer across different salary levels.
|
Salary
|
Lender A - 4 x Income
|
Lender B - 4.5 x Income
|
Lender C - 5 x Income
|
Lender D - 5.5 x Income
|
Lender E - 6 x Income
|
|
£20,000
|
£80,000
|
£90,000
|
£100,000
|
£110,000
|
£120,000
|
|
£30,000
|
£120,000
|
£135,000
|
£150,000
|
£165,000
|
£180,000
|
|
£40,000
|
£160,000
|
£180,000
|
£200,000
|
£220,000
|
£240,000
|
|
£50,000
|
£200,000
|
£225,000
|
£250,000
|
£275,000
|
£300,000
|
|
£60,000
|
£240,000
|
£270,000
|
£300,000
|
£330,000
|
£360,000
|
|
£70,000
|
£280,000
|
£315,000
|
£350,000
|
£385,000
|
£420,000
|
|
£80,000
|
£320,000
|
£360,000
|
£400,000
|
£440,000
|
£480,000
|
|
£90,000
|
£360,000
|
£405,000
|
£450,000
|
£495,000
|
£540,000
|
|
£100,000
|
£400,000
|
£450,000
|
£500,000
|
£550,000
|
£600,000
|
As you can see, your choice of lender makes a big difference in how much you can borrow.
2023-05-09 
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