What Income Do I Need to Prove to Get a UK Mortgage?

In-depth advice from an accomplished whole-of-market brokerage so you know the minimum income you'll need to qualify for the mortgage you would like.

About your mortgage

Error: Yearly income income must be between £1 and £10,000,000.

Error: Regular bonus must be between £1 and £10,000,000.

Based on your yearly income, you may be able to borrow:

£0

Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

£0

Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

£0

Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

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.

What Income Do I Need to Prove to Get a UK Mortgage?

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.

How Do Income Calculations Work on a Mortgage Application?

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.

How Much Do I Need to Earn to Take out a £120,000 Mortgage?

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

What Income is Required or a £160,000 Mortgage in the UK?

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

How Much Do I Need to Earn a Year for a £400,000 Mortgage?

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

What Sort of Salary Qualifies for a £500,000 Mortgage?

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

How Can Annual Earnings be Considered for a £600,000 Mortgage?

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

Does My Salary Qualify for a Mortgage of £800,000?

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

Am I Eligible to Apply for a £1 million Mortgage?

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

What Other Eligibility Criteria Impact My Approval for a Mortgage?

Lenders will consider multiple criteria, including your income per year.

  • Other revenue streams may be added to your income to increase the value you qualify to borrow. That could be rental income, investment returns, or bonuses, for example. Some lenders will accept 100% and others 50% or even none of this income, so it is essential to use a broker to recommend the lenders who have the most generous calculations.
  • Expenses - living costs and other debt repayments will all be offset against your income to calculate your disposable income. For example, if you earn £100,000 a year, but already spend £99,000 excluding mortgage repayments, you are unlikely to be able to afford an additional mortgage.
Why Revolution Brokers?
  • Whole of market brokers

  • Mortgage that suits you

  • On time customer support

FAQs

How does our broker-matching service work?

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.

Further Reading

Latest Blogs

11 Mar 2022
Guide to Remortgaging to Finance a Home Renovation

Remortgaging your home is a great way to release equity and raise finance for those home improvement jobs you've always wanted to do. Before applying, it's vital to work out how much equity you have in your property and ensure sufficient capacity to borrow the funds required for the renovation you have in mind. In today's article, t..

10 Feb 2022
Do I Qualify for First-Time Buyer Status?

Do I Qualify for First-Time Buyer Status? Working out whether or not you are a first time buyer may seem obvious - but there are plenty of scenarios where your position isn't clear! Examples might include: New buyers who have inherited a property they rent out. Buy-to-let investors that have never purchased a residential hom..

26 Jan 2022
How Does a Remortgage Application Work?

Most homeowners know that remortgaging means switching a mortgage from an existing lender over to a new deal. However, the process isn't always obvious. If you're on a fixed-rate deal, you'll want to get ahead of the end of the term to avoid being shuffled onto a higher standard variable rate where your interest costs will undoubtedly ..

17 Dec 2021
Understanding Lender Risk on First-Time Buyer Mortgages

Finding a great mortgage as a first time buyer can feel like an uphill struggle, with a larger proportion of applicants being turned down than a year ago. Around 20% of first-time mortgage applicants are rejected, usually because of the lender risk associated with their loan. Today, Revolution Brokers explains the highest risk facto..

28 Oct 2021
Pros and Cons of First Time Buyer Buy to Let Mortgages

Investing in a rental property can be an excellent way to get onto the property ladder and earn an income. However, if you haven't owned a residence before, you might find that a mainstream bank will automatically turn you down for a buy to let mortgage. In today's guide, the Revolution Brokers team explains how you can become a ren..

12 Oct 2021
Mortgage Deposit Requirements for First-Time Buyers

Buying a home for the first time is a massive step - but the deposit is often a stumbling block for first-time buyers. It can take years to save a sufficient amount or be impossible, so there are several ways to approach the problem and get your foot onto the property ladder. From April 2021, the UK government launched the new mortg..

Offer!

Refer, Relax and get £50

If you refer a friend for a mortgage or any
type of finance you’ll both receive £25
each when their new application
successfully completes.

Know More!

We are proud
members of the:

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 Mortgage Experts

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.