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What Income Do I Need to Prove to Get a UK Mortgage?

In-depth advice from an accomplished whole-of-market brokerage so you know the minimum income you'll need to qualify for the mortgage you would like.

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Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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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.

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How Much Do I Need to Earn to Take out a £120,000 Mortgage?

On the same basis, the below table shows an indication of the sort of income level you would need to be eligible for £120,000 in borrowing.

Mortgage Required

Salary Required for a Lender at 4 x Income

Salary Required for a Lender at 4.5 x Income

Salary Required for a Lender at 5 x Income

Salary Required for a Lender at 5.5 x Income

Salary Required for a Lender at 6 x Income

£120,000

£30,000

£26,667

£24,000

£21,818

£20,000

What Income is Required or a £160,000 Mortgage in the UK?

If you would like a mortgage of around £160,000, you will need to earn a salary as below, dependent on the income multiples allowed by your lender.

Mortgage Required

Salary Required for a Lender at 4 x Income

Salary Required for a Lender at 4.5 x Income

Salary Required for a Lender at 5 x Income

Salary Required for a Lender at 5.5 x Income

Salary Required for a Lender at 6 x Income

£160,000

£40,000

£35,555

£32,000

£29,090

£26,667

How Much Do I Need to Earn a Year for a £400,000 Mortgage?

As below, the salary required to be considered for a £400,000 mortgage will differ, given the variances between the salary multiples that different lenders can offer.

Mortgage Required

Salary Required for a Lender at 4 x Income

Salary Required for a Lender at 4.5x Income

Salary Required for a Lender at 5 x Income

Salary Required for a Lender at 5.5 x Income

Salary Required for a Lender at 6 x Income

£400,000

£100,000

£88,888

£80,000

£72,727

£66,666

What Sort of Salary Qualifies for a £500,000 Mortgage?

To take out a home loan of half a million pounds, you will need to earn in the below salary brackets to be eligible.

Mortgage Required

Salary Required for a Lender at 4 x Income

Salary Required for a Lender at 4.5 x Income

Salary Required for a Lender at 5 x Income

Salary Required for a Lender at 5.5 x Income

Salary Required for a Lender at 6 x Income

£500,000

£125,000

£111,111

£100,000

£90,909

£83,333

How Can Annual Earnings be Considered for a £600,000 Mortgage?

If you'd like to borrow a mortgage in the region of £600,000, the below figures show what salary level would be considered eligible for this level of borrowing.

Mortgage Required

Salary Required for a Lender at 4 x Income

Salary Required for a Lender at 4.5 x Income

Salary Required for a Lender at 5 x Income

Salary Required for a Lender at 5.5 x Income

Salary Required for a Lender at 6 x Income

£6000,000

£150,000

£133,333

£120,000

£109,090

£100,000

Does My Salary Qualify for a Mortgage of £800,000?

To borrow £800,000, the requisite salary level is shown below, depending on the lending criteria offered by your selected lender.

Mortgage Required

Salary Required for a Lender at 4 x Income

Salary Required for a Lender at 4.5 x Income

Salary Required for a Lender at 5 x Income

Salary Required for a Lender at 5.5 x Income

Salary Required for a Lender at 6 x Income

£800,000

£200,000

£177,777

£160,000

£145,454

£133,333

Am I Eligible to Apply for a £1 million Mortgage?

The kind of income that would make you eligible for a million-pound mortgage is shown below, again depending on what sort of salary multiple you are offered.

Mortgage Required

Salary Required for a Lender at 4 x Income

Salary Required for a Lender at 4.5x Income

Salary Required for a Lender at 5 x Income

Salary Required for a Lender at 5.5 x Income

Salary Required for a Lender at 6 x Income

£1,000,000

£250,000

£222,222

£200,000

£181,818

£166,666

What Other Eligibility Criteria Impact My Approval for a Mortgage?

Lenders will consider multiple criteria, including your income per year.

  • Other revenue streams may be added to your income to increase the value you qualify to borrow. That could be rental income, investment returns, or bonuses, for example. Some lenders will accept 100% and others 50% or even none of this income, so it is essential to use a broker to recommend the lenders who have the most generous calculations.
  • Expenses - living costs and other debt repayments will all be offset against your income to calculate your disposable income. For example, if you earn £100,000 a year, but already spend £99,000 excluding mortgage repayments, you are unlikely to be able to afford an additional mortgage.
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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