It’s the big question. The first thing almost all homebuyers find themselves asking: “What mortgage can I get with my salary?”

Well the good news is that income is undoubtedly a huge factor in determining how much a lender might offer you. However, the reality is it’s not quite as simple as just plugging your salary into a basic calculator and getting an instant answer.

Because lenders look at a much broader picture of your finances through affordability checks.

This guide explains the role your salary plays, the other crucial factors involved and how you can get a realistic idea of your borrowing potential in the UK mortgage market.

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Salary is key. But it’s not the whole story

Yes, it’s true that a person’s (or couple’s) annual income is the starting point for lenders. But it’s just one piece of the affordability puzzle. Lenders want to be confident someone can not only afford the mortgage payments now, but also if interest rates rise or circumstances change.

As a result, lenders perform detailed checks that look at income in relation to outgoings, debts and lifestyle. So while you might hear about ‘income multiples’ these are only ever a rough guide.

How do lenders typically estimate borrowing based on income?

A common starting point for lenders is to apply an income multiple often around 4 to 4.5 times your gross annual salary. For joint applications lenders usually consider the combined gross annual income potentially allowing for higher borrowing.

However, it’s important to understand this is only ever a ballpark figure.

Some lenders might offer slightly higher multiples in certain circumstances (see our guide: how much can I borrow), while others may offer less based on their own criteria and your overall financial profile.

There are also regulatory limits on how much high loan-to-income lending banks can do overall. The result of all of this complexity? Never rely solely on simple salary multipliers when thinking: what mortgage can I get with my salary?

Some other factors that impact how much you can borrow

Lenders assess affordability much more deeply than just your salary. Some other key factors include:

  • Deposit size
    A larger deposit reduces the Loan-to-Value (LTV) ratio on your borrowing, essentially meaning you’re borrowing less relative to the property’s value. For lenders, this lowers their risk and can positively impact how much they’ll lend or the rates offered.
  • Other debts
    Outstanding balances on credit cards loans, car finance, student loans etc all reduce your disposable income and will be factored into affordability calculations.
  • Our regular outgoings
    Lenders will likely also assess your committed monthly spending like childcare costs, travel, commuting, insurance, subscriptions and even estimated household bills.
  • Personal credit history & score
    Having a good credit history demonstrates responsible borrowing, potentially leading to better offers. A poor credit history can significantly limit your options and borrowing amount.
  • Employment status & income type
    Lenders favour stable, easily verifiable income (like a basic PAYE salary). Income from self-employment, contracting, bonuses or commissions will be assessed more closely – often based on averages over 2-3 years – and require more documentation.
  • Dependants
    Supporting children or other dependents increases perceived household expenses, again impacting affordability.

Right. How can I find out what mortgage I can get?

Given all the variables, answering “what mortgage can I get with my salary?” accurately requires a personalised assessment. Forget basic salary calculators; the best ways to get a realistic idea are:

  1. Tools like OneDome’s Mortgage Calculator go beyond just salary factoring in more details for a better estimate.
  2. Obtaining a Mortgage in Principle is a crucial first step. Here you provide more detailed financial information and the lender gives a specific indication of what they might lend based on their initial checks, often including a ‘soft’ credit check that doesn’t harm your score.
  3. Speak to a whole-of-market advisor who can assess your situation against criteria from numerous lenders and provide tailored advice on your realistic borrowing potential.

Getting a Mortgage in Principle is often the most practical starting point giving you confidence when you start searching for properties – start now

Tips for increasing your borrowing power

While some factors in the process are fixed, the reality is you can do some things that can influence your affordability and borrowing potential.

  • Pay down credit card balances or loans where possible before applying.
  • Saving even a little more can sometimes make a difference to the LTV and available deals.
  • Identify any errors and ensure your credit history is as healthy as possible.
  • Temporarily cutting back on non-essential regular spending before applying can help demonstrate affordability.
  • Ensure any bonuses, commissions or self-employed income are clearly evidenced often with tax returns, accounts or contracts.

OneDome is here to help

Figuring out your true borrowing power is the essential first step to buying a home. Instead of relying on rough salary multiples get a personalised Mortgage in Principle with OneDome. It’s free fast considers multiple factors and gives you the confidence to start your property search If you have questions about how interest works, want help comparing mortgage deals or need tailored advice you can

Important: Your home may be repossessed if you do not keep up repayments on your mortgage.