For a £200,000 mortgage, lenders commonly work within income multiples of around four to four-and-a-half times household income. This suggests an income requirement of approximately £45,000 to £50,000, although criteria vary between lenders.
Affordability checks also assess regular spending, outstanding credit commitments and future interest rate stress testing. Even with sufficient income, high monthly outgoings can reduce borrowing capacity. Deposit size is equally important, as a lower loan-to-value ratio can unlock more competitive interest rates.
Joint applicants can combine incomes, which may increase borrowing potential. Self-employed applicants may need to provide two or more years of financial records. A full affordability assessment offers the most reliable figure rather than relying purely on income multiples.
Your home may be repossessed if you do not keep up repayments on your mortgage.