This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.
One of the first questions when looking to buy a new property, or remortgage, is to work out what you can afford - and how much you're likely to be able to borrow.
In many cases, clients have been rejected for a mortgage by their bank. That could be for any number of reasons such as having bad credit, or not passing the affordability assessments.
This guide will explain how a lender will assess an application for a £350,000 mortgage, and what criteria will impact your likelihood of approval. For more information, or to get started with your application, give the Revolution Brokers team a call on 0330 304 3040, or email us at info@revolutionbrokers.co.uk.
The mortgage you might be approved for depends on the lender - since each provider will use a different calculation basis to arrive at a maximum, they can lend.
Generally speaking, most applicants approved for a mortgage of £350,000 have an income of around £55,000 to £60,000 - which could be one salary or a combined income of joint applications.
Below you will see an illustration of what four different lenders might offer in terms of a maximum mortgage to the same applicants at different salary levels, depending on the multiple they can offer depending on your circumstances.
|
Salary |
Lender A - 3 x Income |
Lender B - 4 x Income |
Lender C - 5 x Income |
Lender D - 6 x Income |
|
£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 |
|
£40,000 |
£120,000 |
£160,000 |
£200,000 |
£240,000 |
|
£45,000 |
£135,000 |
£180,000 |
£225,000 |
£270,000 |
|
£50,000 |
£150,000 |
£200,000 |
£250,000 |
£300,000 |
|
£55,000 |
£165,000 |
£220,000 |
£275,000 |
£330,000 |
|
£60,000 |
£180,000 |
£240,000 |
£300,000 |
£360,000 |
|
£65,000 |
£195,000 |
£260,000 |
£325,000 |
£390,000 |
|
£70,000 |
£210,000 |
£280,000 |
£350,000 |
£420,000 |
|
£75,000 |
£225,000 |
£300,000 |
£375,000 |
£450,000 |
|
£80,000 |
£240,000 |
£320,000 |
£400,000 |
£480,000 |
|
£85,000 |
£255,000 |
£340,000 |
£425,000 |
£510,000 |
Every lender has a different set of policies, and will consider your circumstances to decide what multiple of your income they can offer:
Income assessments work differently on buy to let mortgages - some lenders require applicants to have a minimum yearly income of £25,000, whereas others have no threshold.
The more critical factor is how much rental income the investment property is expected to generate. Usually, this needs to be at least 25% and up to 45% above the monthly interest-only mortgage costs.
Your income is one of several eligibility criteria - lenders will also assess:
If you'd like to take out a £350,000 mortgage, the first step is to contact the business loan broker team on 0330 304 3040, or via email at info@revolutionbrokers.co.uk.
Our independent, whole-of-market teams can recommend any lender and product that we think is best suited to you and ensure you only apply to mortgage providers who are in the best position to approve your application.
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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.
Revolution Brokers understands that mortgages can be complex and confusing!
Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.
