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Can I get a mortgage at 4 times my salary?

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 8, 2023

Fact Checked By:
David Nicholson - Finance Editor

4 times salary mortgage lenders, rates to expect and how to get approved quickly

Most mortgage lenders will lend up to 4 or 4.5 times an applicant’s salary.

This guide will explain what a 4x mortgage is, how to apply for a 4x salary mortgage and where to find lenders who offer them.

This article will tell you if you are eligible for a mortgage based on these income multiples. You can apply online below now:

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Is it possible to get a mortgage with 4 times your salary?

This is the standard borrowing limit for most mortgage lenders and mortgage brokers.

Most lenders will lend up to 4 or 4.5 times your income.

Lenders will always look at your circumstances to determine if you are eligible for a mortgage of this amount.

You must meet all or most of their eligibility criteria and have a good credit history to qualify for a mortgage at any income multiple.

Continue reading to learn more about how a mortgage lender calculates how much you can borrow.

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Mortgage calculator for 4 – 4.5 times salary

An online mortgage borrowing calculator will estimate how much you could borrow for 4, 4.5, or 5 times your annual income.

The calculator will only give you an estimate as other factors, such as your employment and credit history, will affect the rate you are offered.

However, you can use this calculator to give you a rough idea before speaking to a mortgage broker.

Calculating maximum loan amounts

Before taking out a mortgage, it can help to work out the maximum amount you are eligible for based on 4 times your salary.

So, if you earn £25,000 you’ll normally be able to borrow £100,000. If you earn £50,000 you should be able to borrow up to £200,000.

Lenders also consider the loan-to-value ratio (LTV), the amount you wish to borrow relative to the property’s value. This is affected by how much deposit you can put down – the bigger your deposit, the lower your LTV.

Each mortgage product will come with a maximum LTV. For example, a maximum LTV of 70% means you need a £30,000 deposit. If you were buying a property for £200,000, this means you’d need a deposit of £60,000 and a mortgage of £140,000

The mortgage amount you are offered will depend on your circumstances.

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How much can you afford to borrow?

Lenders don’t just look at income multiples – they will also look at how affordable the mortgage is to you.

To do this, they will carry out an affordability assessment. This will look at your outgoings as well as your income. Your outgoings include household bills, debt repayments the cost of dependent children.

A broker can help you determine if you can afford a mortgage and how much.

To learn more about your financial situation, visit our affordability section and enquire. We’ll also refer you to one of the specialist finance lenders we work with.

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What amount of deposit is required to get a mortgage for a 4 times salary mortgage?

Most mortgage lenders require a deposit of at least 5% of the property’s value. But the bigger your deposit, the better. You’ll have more choices of mortgages at cheaper rates, if you have a bigger deposit.

Talk to one of our expert brokers to determine how much deposit you will need to get a mortgage. This is based on four times your annual salary.

 

Can you borrow 4 to 5 times your salary for a single mortgage?

Yes, you can get a mortgage with this income multiple as a single applicant.

If you apply for a mortgage jointly with someone else, both your incomes will be taken into account so you may be able to borrow more.

 

How can I find mortgage lenders that offer 4.5-times salary deals?

Talking to a mortgage broker or mortgage advisor is the best way to determine if you’re eligible for a 4-times salary mortgage.

To answer your questions and find the best solution, we can connect you with the experts who work with us, you can do this below:

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Is it possible to get a Help To Buy mortgage based on 4 – 5 times your annual salary?

You should be able to find a mortgage lender that offers 4.5 times your salary if you are a first-time buyer buying a property using assistance from the Help to Buy scheme.

How can I be eligible for a 4-4.5 times salaried mortgage?

As well as your income, outgoings and affordability, lenders will also look at the following when assessing your mortgage application:

  • Your credit history
  • Your age
  • The property you’re buying
  • Your employment status and profession

 

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Can I borrow more than 4 times my salary?

Some lenders might lend up to 5x or 6x your salary as a mortgage.

These mortgages are often for newly qualified professionals like accountants, solicitors, and doctors who expect to earn more. Very big mortgages are usually reserved for ‘high net worth’ individuals.

To see how the different multiples compare in terms of what you might be able to borrow, use our mortgage calculator to get rates.

 

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Can self-employed borrowers use a 4.5x income multiple?

In theory, self-employed borrowers can access the same mortgage deals as employed applicants.

However, you will need to prove your income. Employed applicants can do this using payslips. Self-employed applicants will need to show their accounts and tax statements from HMRC.

A mortgage broker can help you find the right solution for your situation. We will carefully examine your situation and help you find the best lender.

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