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
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
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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