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How many times salary for mortgage

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 8, 2023

Emma Lunn

Fact Checked By:
Emma Lunn - Finance Editor

How many times salary for a mortgage?

Looking to borrow for a mortgage? Contact us, a mortgage broker today. We will give you free mortgage advice and put you in touch with a mortgage provider to suit you. Each mortgage provider has its own way of calculating your affordability. Most mortgage lenders assess affordability and use an income multiple to determine how much you can borrow for a mortgage.

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As a mortgage broker company, we often get asked: How many times my salary can I borrow as a mortgage? Will bad credit impact my chances of getting a higher salary multiple? What would my monthly repayments be?

Often people use an online mortgage borrowing calculator to get an estimate. We believe free mortgage advice can save you time and money.

For more information or to find out how much you can borrow based on your annual income, read the following.

A mortgage broker will assess your financial situation and your preferences in order to find mortgage lenders that could offer the best possible deal for you with the best interest rates and monthly repayments.

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What mortgage amount can you afford?

Most mortgage lenders will require you to have an income multiple of 4.5 times your salary. Some offer a 5x salary mortgage, while others will offer a 6x salary mortgage, depending on the circumstances.

Use our mortgage affordability calculator to see how much you can borrow for a mortgage based on your annual income.

A mortgage broker can help you access 30% more mortgages when you’re looking for a mortgage product.

Get started with an expert today to discover how much you could save and unlock even more deals. The broker will put you in touch with a provider who will offer you the best interest rates for your annual income and income multiple.

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Are mortgage lenders using the same affordability guidelines as secured loans?

Secured loans are generally viewed more lightly by mortgage providers on the mortgage market. Providers have the advantage of an asset as collateral, so they can be more generous in determining the maximum amount someone can borrow. For secured loans, some mortgage lenders will lend up to 10x the borrower’s income. An asset is seen as more security to a lender than just your household income.

Save time and effort researching mortgage providers and their lending criteria by getting in touch. Then, we’ll match you with an expert as soon as possible. Whether you are self-employed or have a bad credit rating we will find a mortgage provider for you.

What income can I declare on a mortgage application

Many employees have the option to earn an additional income beyond their basic wage. There are lenders that offer mortgages which take into account bonuses and overtime, as well as commission. There are also mortgage providers that will consider this in certain situations. You may be eligible for financial allowances to purchase a car or a house as well as for relocation purposes.

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What about bonuses, overtime or commissions?

Yes. These additional income sources are sometimes accepted by mortgage providers. Most mortgage providers will accept 50% for regular bonuses, overtime, and commissions. However, some will  accept 75%, while others will accept 100%.

Documentary evidence is often required to clarify amounts. A whole-of-market broker will help you find the best mortgage provider for your income type.

What allowances can I include in my total earnings?

Most mortgage lenders will consider financial allowances received as part of your employment contract to be included in affordability calculations. This is used to determine how much mortgage you can borrow. To clarify the amounts, a mortgage lender will probably want to see a copy of your employment contract and credit report.

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What will my additional income do to the amount of mortgage I can get?

It all depends on how much additional income you have.

A table has been created that illustrates the impact of different income sources on how much you are able to borrow to get a mortgage.

* = Bonus/Overtime/Commission capped at 50%

The first example shows that the extra income results in a 100% rise in the amount you can borrow.

You may also be eligible to add other income sources. Some mortgage lenders consider benefits income as declared income. We can help you find an advisor to meet your individual needs if you contact us.

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What is the maximum amount a couple can borrow for a joint mortgage?

The guidelines for joint applicants for a mortgage are the same as for single applicants. To give you an idea of how much you could borrow, you can add your incomes together to calculate income multiples of your salary.

A joint income mortgage application will result in a greater maximum amount that you can borrow to get a mortgage. However, some mortgage lenders will only consider the applicants with the highest income.

We can help you to make a joint mortgage application.

A mortgage broker has access to more deals than any other comparison site. Get started to discover more options and increase your chances of getting approved for a mortgage.

What is the maximum amount of my self-employed income I can borrow to get a mortgage?

As mentioned above, employees can determine how much they can borrow to get a mortgage by looking at their annual salary. This is based on their basic income and any additional income that is included in their contract.

If you’re self-employed, the earnings of your business will be used to determine how much you can borrow to get a self-employed mortgage. A good track record in trading is essential for most mortgage lenders. Some will offer self-employed mortgages with two years’ accounts. Others will use the earnings from your business to determine how much you can borrow.

For more information on how to get a mortgage if you don’t have self-employed accounts, please see our guide to getting a mortgage without accounts.

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Partnerships and sole traders

Most mortgage lenders will only use the net profits of sole traders and partnerships. If the average net profit over the past 3 years is £25,000, then this figure will be used to determine how much mortgage you can borrow.

Directors of limited companies

Most lenders will consider both the salary and dividends you have received when you apply for a mortgage. To determine your annual earnings a contractor mortgage lender will take your daily rate and multiply it by five days per week.

For example, let’s say your daily rate is £150/day over a 47-week trading year. The equation would be £150 x 5 x 47 = £35,250 annual earnings. This calculation determines how much you can borrow to get a mortgage.

We can help you arrange for a specialist to talk to you if you are self-employed to learn more about the amount you can borrow to get a mortgage.

What other factors could impact my ability to take out a mortgage loan?

Your income will have a significant impact on how much you can borrow to get a mortgage.

There are many other factors that can cause concern for a mortgage lender, including…

  • Outgoings
  • Deposit size


A mortgage lender will consider your income as part of its affordability assessment. To get a complete understanding of your disposable income, it will look at your expenses (such as utility bills and dependent children) in order to determine your future affordability. This assessment can impact the amount you are able to borrow to finance your mortgage.

Deposit size

Lower deposits may result in fewer mortgage lenders considering your application.

Most mortgage lenders require a deposit of at least 20%. Some will take 10% while a few will accept a 5% deposit for residential properties. Buy-to-let mortgages have higher deposit requirements. The minimum you will find in the UK for a BTL mortgage lender is 15% but 25% is more common.

Talk to a specialist mortgage broker about affordability

You can call or submit an enquiry today to discuss mortgage payments and any other mortgage questions you may have.

Independent mortgage brokers we work with have access to the whole market, which means they can search for the best deals from a variety of lenders. You won’t be charged anything for the advice and you don’t have to make any purchases.

Contact us now to get started with your application

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