To borrow £200,000, lenders typically require income between £45,000 and £50,000, based on common income multiples. However, each lender applies detailed affordability checks that consider more than salary alone.
Existing debts, credit commitments and regular household expenditure all influence the final borrowing amount. Lenders also stress test applications to ensure repayments remain manageable if interest rates rise. A larger deposit can improve interest rates but does not necessarily increase the amount available to borrow.
Joint applicants can combine incomes to meet affordability requirements. A full affordability review provides the most reliable guidance before making an offer on a property.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
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