How much will mortgage companies lend - match mortgage amount against salary level - joint mortgage rule of thumb

How much can I borrow for mortgage ?

All lenders base the amount they will lend you on your income. Most apply a set salary multiple to your earnings, so if you find out what the multiple is you work out the maximum loan. The vast majority of lenders offer lone borrowers a mortgage of around 3.5 times their salary.

Joint borrowers can choose to take 3.5 times the first salary plus the second salary, or 2.75 times their combined salary. Which you choose depends on how much you earn.

For a couple earning £25,000 and £28,000 adding the salaries together and multiplying the total will work out better. For a couple earning £40,000 and £13,000, multiplying the larger salary by 3.5 and adding the second will be a better option.

If this isn't going to be enough, you may be able to get an enhanced income multiple. Some lenders are willing to offer up to four times salary in cases where borrowers are able to afford the repayments.

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