What are the Income Requirements for a £350,000 Mortgage?
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 [email protected].
What Salary Do I Need to Be Eligible for a Mortgage of £350,000?
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
|
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