What Mortgage Can I Get on My Salary?
The short answer most people have heard is: roughly 4 to 5 times your annual salary. And while that's a useful starting point, it's not the whole picture — not by a long way.
Lenders aren't just asking "how much do you earn?" They're asking "can you actually afford this, month in, month out, if your circumstances change?" That's a much more involved question, and it's worth understanding how they think before you start your search.
The salary multiple — and its limits
As a rough guide, here's what the 4-5x rule looks like in practice:
- £30,000 salary → potential borrowing of £120,000–£150,000
- £40,000 salary → £160,000–£200,000
- £50,000 salary → £200,000–£250,000
- £60,000 salary → £240,000–£300,000
The multiple also varies by lender. Some will stretch to 5.5x for higher earners or certain professions. Others are more conservative. This is one reason why going to a whole-of-market mortgage broker rather than straight to your bank can make a meaningful difference to what you're offered.
Step 1: The overall affordability picture
When you apply for a mortgage, lenders look well beyond your salary. They want confidence that you can manage the repayments — not just today, but if interest rates rise or your circumstances shift.
They'll assess:
Your income — salary plus any provable additional income. If you're employed, that's straightforward. If you're self-employed, they'll want two to three years of accounts or SA302s. Irregular income gets scrutinised.
Your credit history — not just your credit score, but the detail behind it. I've personally been asked to submit credit card statements to prove I was managing existing debt responsibly. Don't be surprised if they want to see more than you expect.
Your monthly outgoings — everything. Household bills, childcare, subscriptions, car finance, existing loans. Trust me on this: lenders go through your bank statements with a fine-tooth comb. That gym membership you forgot you were paying? They'll see it.
Your LTV — the ratio of your mortgage to the property's value. The more you put in as a deposit, the less risky you look, and the better the rates you'll be offered. More on this below, and in our full LTV guide.
Step 2: Breaking down the real costs
A mortgage isn't just the monthly repayment. Here's the full picture of what you're budgeting for.
Your deposit
Your deposit determines your LTV and has a direct impact on your interest rate. The more you put in, the lower your rate tends to be.
On a £300,000 property:
- £60,000 deposit = 80% LTV — good rates available
- £30,000 deposit = 90% LTV — higher rates, but still achievable
- £15,000 deposit = 95% LTV — possible, but rates are notably higher and criteria stricter. At this level the monthly payments may not be affordable even if you technically qualify
It's worth running the actual numbers rather than going purely on LTV percentages. Sometimes a slightly larger deposit meaningfully reduces your monthly payment; sometimes the difference is surprisingly small. A broker can model this for you.
The costs of actually moving
These catch a lot of first-time buyers off guard. On top of your deposit, budget for:
- Stamp duty — varies based on property price and whether you're a first-time buyer. Use HMRC's online calculator for an accurate figure
- Legal fees — solicitor or conveyancer, typically £1,000–£2,500 depending on complexity
- Survey — a basic valuation is usually arranged by the lender, but a homebuyer's survey or full structural survey is worth paying for yourself, especially on older properties. Costs from around £400 upwards
- Moving costs — removals, storage, new essentials for the property
Monthly repayments and ongoing costs
Once you're in, the mortgage payment is just one line item. Factor in:
- Council tax
- Utilities — gas, electric, water, broadband
- Buildings insurance (required by your lender) and contents insurance
- Service charges and ground rent if you're buying leasehold
- Maintenance — the general advice is to budget around 1% of the property value per year for repairs and upkeep
Step 3: Putting it together
If your salary is £50,000, you might theoretically borrow up to £250,000. But whether you should borrow that much depends on your deposit, your outgoings, your existing debt, and how much buffer you want to keep in reserve.
The most useful thing you can do before applying is sit down with an independent mortgage broker. Not to be told what you want to hear, but to get an honest read on what's realistic — and what you can do to improve your position if the numbers aren't quite there yet.
If you want to be matched with an FCA-regulated, whole-of-market adviser, Unbiased offers a free initial consultation with independent advisers who aren't tied to any lender.
Related reading:
- What is Loan-to-Value (LTV) and how does it affect your mortgage?
- The single applicant's guide to getting a mortgage
This post is for informational purposes only and does not constitute financial advice. Mortgage eligibility depends on individual circumstances — always seek regulated advice tailored to your situation.
Ready to talk to an actual human?
Femme Finance points you in the right direction — but sometimes you need personalised advice for your specific situation. Unbiased matches you with a fully independent, regulated financial adviser. Free to search, no obligation.
Affiliate link — I earn a small fee if you book a call, at no cost to you. I only recommend services I'd use myself.
