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.
