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What Income Qualifies for a Mortgage?

  1. Home
  2. Expert Articles
  3. First Time Buyers
Knowing how much you can borrow makes a huge different to your planning but how exactly does it work? At the Mortgage Hut, we’re here to answer those questions!

Your income – do you earn enough?

There are two factors to getting a mortgage where your income makes the most impact: salary and affordability.



Salary – the ceiling to your mortgage

Most lenders will look to offer you up to four times your salary. Some will opt for five times, and a select few will stretch to six (and we know which ones they are!).

It’s not just your salary though – if you are looking to a mortgage as a joint venture then you can add those salaries together before you multiply.

So, if you are earning £28,000 then alone your ceiling is likely to be £112,000. We could help you get the right lender to take it to £140,000 and in some circumstances even £168,000 but there’s little chance it could go beyond that.

If your partner earned an additional £23,500, however, then immediately you can look at mortgages around the £206,000 and some shopping around could take that to £257,500.

Remember – the amount quoted is the size of the loan. You’d also be expected to get a 10% deposit together, so a £206,000 mortgage would put you in the market for a house valued at £228,889 or lower.

Affordability – how lenders score you

The multiplier of your salary gives you a good benchmark, but affordability is key. This is determined by taking your monthly income and deducting your standard monthly outgoings and seeing what’s left. If you tend to splash all your spare cash and end up with very little at the end of the month, it’s going to affect your application.

We suggest spending a few months living frugally before you move to look for a mortgage so that you can show a better affordability score – it also helps you build up that all-important deposit.

Our mortgage calculator – doing the maths for you

There’s no need to struggle to work it all out though – find our your mortgage eligibility in seconds with our mortgage calculator. Not only will it tell you the size of the house you can afford, it also feeds back important information such as the size of the stamp duty you’ll have to pay and more.

Try it now and get one step closer to your new home!

The average income – why location matters

For people in full time work, the average salary in the UK is £35,423 for both men and women, meaning a single person looking to buy a first house would average a property worth a little over £157,000. That’s great in some areas of the UK, but is going to leave you very short in others.

At The Mortgage Hut we can talk to the lenders for you and make sure you are treated like a person, not a set of average statistics! If your salary is a little low to make an impact in your area, then we can look at lenders that are a little more understanding.

It’s important that you talk to us – our mortgage calculator is a fantastic tool, but nothing can tell you the whole picture!

Getting that deposit together

The next biggest factor in you successfully buying a home after your salary is your deposit – the more you can put forward, the greater the chance of a top-quality mortgage you will have. If that means doing without for a few months to top it up then we heartily recommend it.

But why not give us a call and let us know your circumstances. Our advisors will be able to give you an accurate assessment immediately – who knows, you could be seriously house shopping by the end of the day!
Giacomo Stevens
First Time Buyers Expert Article by
Giacomo Stevens (Operations Director)
The Mortgage Hut

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  • Mortgages for Spouse Visa Holders
  • How can I get approved for a £180,000 mortgage?
  • How to Get the Best Mortgage Rates | The Mortgage Hut

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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
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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

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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.

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Nicola Arbon

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

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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