Before You Continue…

Our website uses cookies. By continuing to browse the site, you are agreeing to our Privacy Policy.

OK - continue
logo
Search for mortgage help
CALL US:  023 8098 0304
Mobile menu bars Close mobile menu
mortgage calculator mortgage calculator
request a call back Request a Callback
email us info@themortgagehut.net
call for mortgage advice chat online now
Search for mortgage help

Specialist Mortgage Help

  • First Time Buyers
  • House Mover Mortgages
  • Bad Credit Mortgages
  • Remortgaging
  • Equity Release
  • Self Employed Mortgages
  • Buy to Let Mortgages
  • Expat Mortgages
  • Commercial Mortgages

Useful Links

  • Home
  • Contact us
  • Mortgages
  • Mortgage Insurances
  • About Us
  • Customer Reviews
  • Refer a Friend Scheme
  • Expert Articles
  • News
  • Sitemap
  • New Build Mortgages
  • CIS Mortgages Explained

Privacy Settings

  • Privacy Policy

How can I get a £140,000 mortgage?

  1. Home
  2. Expert Articles
  3. First Time Buyers

If you’ve got ambitions to purchase a property, whether as a home or a buy-to-let and you’ve estimated that your mortgage will be in the vicinity of 140k, then this guide is for you. 


We’ll be listing the factors that could affect your eligibility as well as how much deposit you can expect to pay, so read on or if you’ve got a question that can’t wait, use our online chat. 

Am I eligible for a 140k mortgage?

Trying to preempt if you’ll be eligible for a mortgage for £140,000 can be pretty time consuming, especially given that most lenders use different criteria to decide whether or not to approve you. 


Finding the right mortgage is usually a lot quicker with the assistance of a mortgage broker because they’ll know where to look and which lenders have agreements with terms that are more suitable or affordable. 


You can use a mortgage calculator for a guide on how much you can borrow but for an accurate reflection of whether you’d get approved for a mortgage worth £140,000, ask one of our brokers.

How does my affordability affect a mortgage for £140,000?

As with any mortgage application, your chosen lender will want to check that you can afford your repayments. A lender will want your mortgage to be affordable to ensure that you pay on time and in full, so, to mitigate the risk of loss to them, they’ll look at factors such as your income.


Depending on whether you’re employed or self employed, your lender will likely ask for evidence of your income in the form of:


  • Bank statements

  • Pay slips

  • Tax returns


When calculating your affordability for a 140k mortgage, lenders will also look at your outgoings and stress Test whether you could realistically afford a mortgage as well as any other expenses including:


  • Household bills

  • Any debts you have including credit cards or car finance payments

  • Other outgoings such as travel costs or childcare costs

  • Repairs and maintenance of the property

I’ve recently started a job, can I get a 140k mortgage?

While it’s true that some lenders can feel cautious about loaning to new starters or those in short-term contracts, there are other factors that some lenders will take into consideration.


If your earnings from the last three years have been steady and substantial enough to meet a lender’s criteria and you have proof of employment in the form of a contract, it may be possible to get approved. 

What other factors will lenders consider for a 140k mortgage?

Most but not all, will also look at the below factors when making their decision:


  • Your age - older borrowers can be given shorter mortgage terms

  • The hours you work i.e. part time or full time

  • Your credit history

  • The amount of debt you have

  • The cost of your outgoings 

  • The type of property you’re buying - some structures or building materials can be expensive to repair and maintain, so lenders will want to check you can afford them.


The good news is that even if you’ve been rejected for a £140,000 mortgage with one lender, it doesn’t necessarily mean that a different one will reject you too. 


That’s because each lender has different criteria so while one specialises in mortgages for older people, another may specialise in first-time buyer mortgages. 


Getting the right mortgage, with terms that work for you, is often dependent on your ability to compare hundreds of lenders, which as mentioned before, can take some time. 


A mortgage broker can save you the hassle, as they use their access to the market and quickly compare the loans that you’re more likely to be eligible for.

How much do I need to earn for a £140,000 UK mortgage?

Most UK lenders use income multiples of 4.5 x an annual salary, though in some circumstances where the applicant is deemed to have good affordability, it might be possible to get a mortgage worth up to 5.5 x an annual salary.


Hypothetically, if your chosen lender used an income multiple of 4.5, to qualify for a £140,000 mortgage, you’d need a minimum income of £31,111.


Of course, you’ll also need to meet your chosen lender’s other criteria, so to truly know how much you can borrow, ask one of our brokers who can look at your situation as a whole. 

Can I get a mortgage for £140k if I’m self employed?

It may be possible to get a mortgage as a self employed borrower, if you’re able to prove you have an income and potentially a future income, that is enough to cover your mortgage repayments and any other expenses you have.


Some lenders do view self employed borrowers as riskier applicants as the nature of their income can sometimes be less predictable than that of an employed worker.


That’s why sometimes, lenders can ask for evidence of upcoming contracts, as well as two or more years' certified accounts, SA302 forms or a tax year overview (from HMRC) for the past two or three years.


Of course, that isn’t always the case and there are specialist lenders who are more likely to approve loans for self employed mortgage customers.

How much deposit do I need to buy a £140,000 house?

In exceptional circumstances, lower deposits of 5 - 10% could be achievable, though currently, the majority of lenders are asking their borrowers to put down 15 - 20% of the properties market value.


The table below shows the relationship between deposit size and mortgage amount for a property with a market value of £140,000. 


Property value

  Deposit size as a percentage  

Deposit size in GBP   

Mortgage amount  

LTV ratio 

£140,000

5%

£7,000

£137,000

95%

£140,000

10%

£14,000

£126,000

90%

£140,000

15%

£21,000

£119,000

85%

£140,000

20%

£28,000

£112,000

80%

£140,000

25%

£35,000

£105,000

75%


Can I get a BTL mortgage for £140,000?

BTL mortgages can be seen as higher risk loans because the repayments are often reliant on the borrower’s ability to find tenants and charge a profitable rental yield. Some lenders will also want to consider the viability of the investment when deciding whether or not they can approve your BTL mortgage for £140,000.


BTL mortgages can also have higher deposit requirements, with some lenders asking for 40% deposits. If you were to apply for a mortgage for £140,000, that could mean that you’ll need a £56,000 deposit. 


Where can I find the best mortgage deal for a 140k mortgage?

If you’re wondering whether you could be eligible for a mortgage worth £140,000, it might be worth speaking to a mortgage broker who can check on your behalf before you apply. They can also advise you on the most financially viable routes, to help you save money wherever possible. 


Call us or try our mortgage calculator to learn more about how much you could borrow.


Managing Director Nicola Schutrups
First Time Buyers Expert Article by
Nicola Schutrups (Managing Director)
The Mortgage Hut

Looking for a Mortgage?

Find out if you're eligle in a couple of clicks, with no hidden credit checks.

Get Started

Related First Time Buyers Information

  • Can my Klarna account stop me from getting a mortgage?
  • Can I get a mortgage for a canal boat?
  • How can I get a mortgage for £160,000?
  • Can I use my self-employment grant as a deposit?
  • Can I get a 90% LTV mortgage after Covid-19?
  • 10 top tips to help get you on the property ladder
  • Mortgage in Principle Explained | Mortgage Advice | The Mortgage Hut
  • What is a Mortgage Underwriter?
  • How can I get a £240,000 mortgage?
  • How can I get a mortgage for £100k?

Looking for a Mortgage?

Find out if you're eligle in a couple of clicks, with no hidden credit checks.

Get Started

Follow us on social media for updates

  • Like us on Facebook
  • Follow us on Twitter
  • See us on instagram
  • Watch us on YouTube

Contact The Mortgage Hut

Head office address of The Mortgage Hut
SOUTHAMPTON (HQ)
14 College Place
Southampton
Hampshire
SO15 2FE
Head office phone The Mortgage Hut
023 8098 0304
Head office email The Mortgage Hut
info@themortgagehut.net
Contact Us

The Mortgage Hut Limited is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

The Mortgage Hut Limited. Registered Office: 14 College Place, Southampton SO15 2FE Registered in England Number: 07629941

Contact Us

Important Information

  • The guidance and advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.
  • Some products are not regulated by the Financial Conduct Authority.
  • Please note that The Mortgage Hut is not responsible for the accuracy of the information contained within any linked sites accessible from our website.
  • Your home may be repossessed if you do not keep up repayments on your mortgage.
  • There may be a fee for mortgage advice.
  • The actual amount will depend upon your circumstances.
  • The fee is up to 1% and a typical fee is £748.

Data Protection & Privacy

You voluntarily choose to provide personal details to us via this website.

Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998.

You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.

When you use our website, we access your device/computer to set cookies and collect data.

We do this so it works, is secure and delivers the best browsing experience.

We also collect data to study how people use our site and help us improve our services and tailor our marketing.

For more information see our Privacy Policy.

back icon
close icon

Specialist Mortgage Advice

Mortgage Advice

Mortgage Advice
Get Started
Mortgage Advice

Mortgage Advice

Remortgage Advice

Remortgage Advice
Get Started
Remortgage Advice

Remortgage Advice

Buy to Let Mortgage

Buy to Let Mortgage
Get Started
Buy to Let Mortgage

Buy to Let Mortgage

Is the mortgage for your home or a business venture?

Residential Button Residential Hover Button
Buy To Let Button Buy To Let Hover Button

Are you buying or remortgaging?

Residential Button Residential Hover Button
Buy To Let Button Buy To Let Hover Button

Have you found a property yet?

Yes Button Yes Hover Button
No Button No Hover Button

Is the property house or a flat?

House Button House Hover Button
Flat Button Flat Hover Button

What is the property’s estimated value?

£

Deposit amount or equity?

£

Have you got any adverse credit?

Yes Button Yes Hover Button
No Button No Hover Button

What types of adverse credit?

Next Button Grey Next Button Blue Next Button White

What is you combined annual income (before tax)?

£

Sourcing Mortgages…

Nicola Arbon

“There's a reason why over 500 clients rate us as Excellent.”
Nicola Arbon, Managing Director and Mortgage Guru

Green Tick

Congratulations, we've successfully found you multiple mortgage options.

Next Button Blue Next Button White

Please enter your name to send you the results

Please enter the best email to send you the results

What is the best number to reach you on?

What day & time best suits you?

Next Button Blue Next Button White

Thank you

logo

A member of The Mortgage Hut team will review your enquiry & we’ll be in touch to discuss in more detail & to advise on the options available to best suit your needs.

Head office phone The Mortgage Hut 023 8098 0304