Mortgage Insurance Calculators About How it Works
   Back | How it Works
Securing an excellent mortgage offer with Revolution Finance Brokers couldn't be easier
1Get in Touch
Complete a quick form to give us an overview of your mortgage or financing requirements, and we'll provide recommendations about the best opportunities for you.
2Submit Your Application
Once you've chosen your preferred mortgage deal, we'll steer you through the paperwork with comprehensive application management from start to finish.
3Mortgage Completion
Revolution Finance Brokers will finalise the details and enable you to move forward without delay!
   Back | About
   Back | Insurance
   Back | Calculators
   Back | Choose your mortgage type
Choose your mortgage type

What Salary Do I Need to Get a £100,000 Mortgage?

Need to borrow £100,000 in mortgage finance, but unclear what salary you need to demonstrate to qualify for your desired amount? Let's look at mortgage calculations and income multiples so you can apply with all the important information.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
twitter  linkedin  

Is Getting a £100K Mortgage Possible With My Salary?

If you're looking to buy a home and need a mortgage for £100,000, it can be complicated to work out what sort of salary you need to be eligible for this sort of lending.

Each lender has different criteria, and therefore it is essential to apply to the right place, rather than consult a mortgage provider whose criteria you don't meet. That can potentially rack up credit searches on your credit history that can make it even tougher to find approval elsewhere.

In this guide, we'll summarise how mortgage affordability works, and what sort of income you would need to demonstrate to qualify for a £100,000 mortgage.

For further information, or to start your mortgage search, give the Revolution Brokers team a call on 0330 304 3040, or email us at [email protected].

How Do Mortgage Providers Use Your Income to Decide What They Can Lend?

Lenders need to be responsible for what they offer, so they need to know what you earn - and your partner if it is a joint application - to ensure you can afford the mortgage repayments.

This is called an affordability assessment and considers your outgoings as well as any other debts. Your debt to income ratio looks at how much you earn vs how much you owe.

Most lenders will offer an initial mortgage limit based on a multiple of your income, typically around three or four times, but sometimes as high as five or six times depending on the circumstances.

Discover What Our Customers Have to Say!
Why Revolution Brokers?

Whole of market brokers Whole of market brokers

Mortgage that suits you Mortgage that suits you

On time customer support On time customer support

What Salary Do I Need to Qualify for a £100,000 Mortgage?

If we assume that a lender offers up to four times salary, you'd need to earn around £25,000 to qualify.

The below table shows a few income examples, and what the mortgage limit might be depending on what income multiple the lender can offer.

Salary

Lender A - 3 x Income

Lender B - 4 x Income

Lender C - 5 x Income

Lender D - 6 x Income

£16,000

£48,000

£64,000

£80,000

£96,000

£17,000

£51,000

£68,000

£85,000

£102,000

£20,000

£60,000

£80,000

£100,000

£120,000

£25,000

£75,000

£100,000

£125,000

£150,000

£30,000

£90,000

£120,000

£150,000

£180,000

£35,000

£105,000

£140,000

£175,000

£210,000

What are the Eligibility Criteria for a £100,000 Mortgage?

Lenders don't just look at how much you earn, but multiple factors in deciding whether they can lend and, if so, how much they can offer and at what interest rate:

  • Type of employment - permanent PAYE employment is the most stable form of income, so if you are self-employed, you will be assessed depending on how much trading experience you have backed up by filed accounts. If you are an agency worker, you might be asked for evidence of your experience and copies of any contracts. Lenders may also ask whether the role is temporary, short-term, fixed-term or permanent.
  • Deposit - the higher the deposit, the less risky the application and the more choices you will have. You can get a mortgage with a 5% deposit in some cases, but you are more likely to need around 10% or 15%, so a deposit of £10,000 or £15,000 on a £100,000 mortgage.
  • Credit score - lenders also need to check your credit history, and an adverse credit file will not work in your favour. Some lenders cannot accept applicants with bad credit, whereas others might need a larger deposit or might offer a less-competitive interest rate.
  • Age - again, this all depends on the lender. Some place an age cap on new applicants, or have a maximum age when the agreed term is due to end. Others have no age limits and specialise in later life mortgages.
  • The property - if you want to mortgage a buy to let, you will usually need a higher deposit and to prove what rental income the investment is expected to make. Second homes are also a little more complex, usually requiring a higher 25% deposit and stricter affordability checks.

Expert Support with Affordability on a £100,000 Mortgage

In any circumstances, a whole-of-market broker is by far the easiest way to find the most competitive deals on the market, and have professional advice about which lenders you should consider applying to.

The business loan broker team is wholly independent, and tracks down the best deals, while negotiating terms and rates on your behalf.

Get in touch via email at [email protected] or give us a ring on 0330 304 3040.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

twitter  linkedin  

Further Reading

Explore Explore Our Presence Our Presence

Explore Explore Our Presence Our Presence

Securing an excellent mortgage offer with Revolution Finance
Brokers couldn't be easier:

Revolution Mortgage Brokers:100% 100%
Independent & Whole-of-Market

As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.

Refer, Relax

andget £50get £50
We are proud
members of the:
NACFB
Refer, Relax

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.

Ask the Expert
Mortgage Brokers

Revolution Brokers
What can we help you with today?
Do you have a particular timescale in mind?
Next
Which situation from the below list best matches your requirements? *
Could you tell us the market value of the property?*
Please let us know a rough idea of your yearly income (before tax) for all applicants? *
Back
Next
Primary applicant name *
Contact email address *
Best contact number *
Back
Next