For a £100,000 mortgage, many lenders may consider income starting from around £22,000 to £25,000, depending on overall affordability. Income multiples provide an initial guide, but lenders also examine outgoings, credit history and existing financial commitments.
A larger deposit reduces the loan-to-value ratio and may provide access to better interest rates. Joint applications can increase borrowing potential if combined income meets criteria. Stress testing ensures you could manage repayments if rates increase in future.
While income multiples provide a rough estimate, the most accurate way to understand your position is through a full affordability assessment. This provides clarity before viewing properties or making financial commitments.
Your home may be repossessed if you do not keep up repayments on your mortgage.