On a £30,000 salary, many lenders may consider borrowing between four and 4.5 times income, meaning around £120,000 to £135,000, subject to full affordability assessment. However, income multiples are only part of the picture.
Lenders will review credit commitments, childcare costs, household expenditure and apply stress testing to ensure repayments remain affordable if rates increase. A larger deposit can improve available mortgage options and pricing.
In lower-priced regions this income may support a purchase, particularly with a 10% deposit. In higher-priced areas, a joint application or additional deposit support may be required. An Agreement in Principle provides a clearer indication of affordability.
Your home may be repossessed if you do not keep up repayments on your mortgage.