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Mortgages on 4 - 4.5 x Salary

Mortgage lenders typically offer a multiple of your annual salary - based on your average yearly earnings. This guide looks at the best options to find a competitive mortgage deal based on four to 4.5 times your combined annual income.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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Getting a Mortgage of 4 to 4.5 Times Your Salary

Working out what you can borrow on a mortgage can be complicated, with different lenders all having different criteria and income multiple calculations to work out what they can lend.

Much depends on your circumstances, and which lender you apply to.

Here we'll summarise the main qualification criteria for a four to 4.5 times salary mortgage and the eligibility factors a lender will assess.

For more information, get in touch on 0330 304 3040, or email us at [email protected].

How Do I Know if I Can Borrow a Mortgage at Four to 4.5 Times my Income?

Caps of four or 4.5 times annual income is relatively standard - although some lenders will offer up to three or four times your salary as a maximum.

Your eligibility will depend on your circumstances, and how closely you meet the lender's criteria. To get a mortgage at a higher multiple, you will usually need to meet all of, or most of, the other factors.

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How Do UK Lenders Calculate the Maximum Mortgage Value?

The basic calculation is to take your salary and multiply it by four or 4.5 times to arrive at a maximum mortgage.

However, your income is just one factor, and lenders will also need to look at the Loan to Value ratio and other circumstances such as your credit score.

What Mortgage Can I Afford?

The first step to calculating affordability is to look at your income and outgoings, other debts and your credit file.

Lenders will need to assess your spending and income, including debt repayments, bills and general costs, and look at whether you have dependents and need to provide cover for expenses such as childcare or school.

This process is all about affordability, as a lender needs to know you can afford the repayments - including a stress test to make sure you'll be able to keep up with the mortgage even if circumstances change.

To calculate what mortgage you can afford, give the team a call on 0330 304 3040 and we'll help you work out what sort of lending to apply for.

What Deposit is Required for a 4 - 4.5 Times Mortgage?

If you need to borrow a higher multiple of four or more times your salary, you'll need a higher deposit than for a lower multiple mortgage of, say, three times income.

Most UK mortgage lenders need a 10% deposit as a minimum, although others can accept 5%.

The exact deposit required depends on the property costs, and what sort of home it is - get in touch for a more accurate assessment of the ideal deposit value.

Can I Borrow 4-4.5 Times My Income on a Single Applicant Mortgage?

Yes, you can get a mortgage of four to 4.5 times your income as a single applicant. For example, if you earn £28,000 a year and meet the other criteria, you might be offered a mortgage up to £126,000.

The key is to apply to the right lender, whose eligibility criteria you can meet.

Which UK Lenders Offer the Best 4.5 Times Salary Mortgage Deals?

New mortgage products come on to the market all the time, as well as different rates and offers - so the only way to be sure you're getting the most competitive deal is to consult an independent, whole-of-market broker.

What Mortgage Can I Get Based on a Four Times Joint Income Application?

Joint mortgages are usually available at a higher limit, given that you are combining two salaries for the affordability calculation.

You'll need to be aware that if one of you loses a job, the other person will still need to be able to keep up with the repayments.

Are There Help to Buy Mortgages on 4-4.5 Times Salary?

Help to Buy is available for mortgages to a maximum of 4.5 times your salary, so yes you can apply for a mortgage at this level of affordability.

What are the Eligibility Criteria for a Mortgage at Four to 4.5 Times My Income?

Lenders primarily look at your income, outgoings and deposit, but will also consider other eligibility criteria before offering to lend:

  • Credit score - the clearer your credit file, the higher an income multiple your lender will be able to offer.
  • Your age - retired applicants may be offered a smaller income multiple - and some lenders cap mortgages at age 75 or 85.
  • Property type - non-standard properties are usually best mortgages through a specialist lender, as a mainstream bank will struggle to offer a generous salary multiple on an unusual home.

Can I Borrow More Than Four Times My Salary on a Mortgage?

Most mortgages at higher multiples of four or 4.5 times salary are aimed at professionals, such as newly qualified accountants or solicitors.

However, you might find that a three times salary mortgage is sufficient, or may borrow even more depending on the circumstances.

If you need a higher mortgage than you have been offered, get in touch as there are always alternative options available.

Professional Mortgage Affordability Advice

For more information about mortgages at 4.5 times salary, get in touch with the business loan broker team at 0330 304 3040, or email us at [email protected].

Our experts can scour the UK market for the best deals available, and negotiate terms to ensure you get the borrowing you need at the most competitive rates.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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