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.
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 info@revolutionbrokers.co.uk and we'll recommend the best options.
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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Lenders will consider multiple criteria, including your income per year.
Yes, as most lenders will look for a deposit of around 20%, while others will accept 10% or even 5% in certain circumstances. The greater your deposit, the less risky the mortgage, and therefore the more flexible a lender is likely to be in what income multiple they can offer you.
You can, although you might have a smaller choice of lenders, and be offered less competitive interest rates. If there is scope to improve your credit rating in advance of the application, this could make your offer much more competitive. Alternatively, specialist bad credit lenders may be the best bet.
If you're unsure what sort of mortgage you qualify for with your income, or would like to explore ways to become eligible for a more considerable borrowing value than you have been offered, get in touch! The Revolution Brokers team is available on 0330 304 3040, or via email at info@revolutionbrokers.co.uk, offering independent and specialist advice with all UK mortgage types.
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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.
