How much can I borrow for a Mortgage in the UK?
What Mortgage you are able to borrow, will be dependent on a number of things.
Mainly, it will be dependent on your:
How big a Mortgage you can get will differ greatly between each Mortgage Lender.
A rough calculation can be used by using multiples of your salary to establish your maximum Mortgage.
What multiples of salary for Mortgage?
Your maximum borrowing capacity can be calculated “roughly” by using income multiples of your salary (graph above).
You’ll note we say roughly, as it isn’t guaranteed you will be able to borrow up to this level.
This is because each Lender has their own way of calculating affordability.
As demonstrated above, the greater your income and the greater your deposit, the more you will be able to borrow.
Lets use the graph to give you an example.
Income Multiple for maximum Mortgage example
Using the above graph, lets demonstrate maximum borrowing.
Assume you have a 15% deposit, earn £30,000 and have low monthly credit commitments.
Based on the above info graph, you will be able to borrow up to 4.85 X £30,000. This equates to a Mortgage of up to £145,500. The calculations that simple.
Remember, this is very much a maximum, and not every lender will be prepared to lend you up to this figure.
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