Getting a Mortgage Approval Worth £150K
The Revolution Brokers team often works with clients who wish to buy a property with a £150,000 mortgage - and want to know what salary they need to earn to qualify.
You can use online calculators to get a rough idea of what you could borrow, but these are only ever indicative. So it is advisable to speak to an independent broker who can give you more accurate figures.
This article will explore how lenders calculate affordability on a £150,000 mortgage and what factors will make a difference to your application.
Should you be looking for help in securing the mortgage you need, or would like a professional assessment of your affordability status, give us a call on 0330 304 3040, or drop an email to [email protected].
What Salary Do I Need to Earn to Qualify for a £150,000 Mortgage?
The salary you need to achieve your desired mortgage will depend on which lender you apply to.
Generally, lenders will look at an initial mortgage cap based on a multiple of your income, usually four times your salary, but sometimes as high as five or even six times.
You would need around a £37,500 salary to qualify for a £150,000 mortgage in most cases. You could still be eligible with some lenders on an income of £30,000 or even £25,000.
The below chart shows some examples of potential mortgage offers depending on your salary, and which lender you apply to.
|
Salary
|
Lender A - 3 x Income
|
Lender B - 4 x Income
|
Lender C - 5 x Income
|
Lender D - 6 x Income
|
|
£25,000
|
£75,000
|
£100,000
|
£125,000
|
£150,000
|
|
£30,000
|
£90,000
|
£120,000
|
£150,000
|
£180,000
|
|
£35,000
|
£105,000
|
£140,000
|
£175,000
|
£210,000
|
|
£40,000
|
£120,000
|
£160,000
|
£200,000
|
£240,000
|
|
£45,000
|
£135,000
|
£180,000
|
£225,000
|
£270,000
|
|
£50,000
|
£150,000
|
£200,000
|
£250,000
|
£300,000
|
|
£55,000
|
£165,000
|
£220,000
|
£275,000
|
£330,000
|
|
£60,000
|
£180,000
|
£240,000
|
£300,000
|
£360,000
|
