No, a mortgage is not always limited to 4.5 times your salary. Many lenders use income multiples of around four to 4.5 times income as a general guide, but this is only a starting point.
Mortgage decisions are based on a full affordability assessment rather than salary alone. Lenders will look at your income, monthly spending, existing credit commitments, deposit size and how your finances would cope if interest rates increased.
Because of this, some borrowers may be able to access 5 times salary mortgages, 5.5 times income mortgages, or in some cases up to 6 times income, depending on earnings, profession and overall affordability.
Deposit requirements can also vary. While many mortgages require a 5–10% deposit, there are products designed for low-deposit or no-deposit buyers, including schemes with small deposits or family support.
Every lender uses slightly different criteria, so speaking with a mortgage adviser can help you understand how much you could borrow based on your salary and circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.