Is it Possible To Get a £300K Mortgage Offer Today?
The average price of a property purchase in the UK is around £230,000, and £395,000 in the southeast. So mortgage affordability is a topic that we regularly discuss with clients looking to purchase a home.
Here we'll explain what factors impact your ability to secure £300,000 in mortgage lending, and what makes a lender more likely to approve your application.
For help finding the most competitive £300,000 mortgage deals on the market, give the Revolution Brokers team a call on 0330 304 3040, or email us at [email protected].
What Salary Do I Need to Qualify for a £300,000 Mortgage?
There isn't a fixed amount you need to earn to be eligible for a £300,000 mortgage, since every lender uses different calculations and criteria.
For example, if you earn a variable income, you might find that one lender includes 50% of all overtime, bonuses and commissions - but that another will only consider your primary salary.
Other factors also apply, such as how a lender assesses your other debts and outgoings. Most UK lenders will offer a cap of somewhere around four to five times your annual income - but others can offer as high as six times, depending on how closely you meet their terms.
The below table summarises the maximum mortgage you might be offered by three lenders, each with a different income multiplier policy:
|
Salary
|
Lender A - 4.5 x Income
|
Lender B - 5 x Income
|
Lender C - 6 x Income
|
|
£25,000
|
£112,500
|
£125,000
|
£150,000
|
|
£30,000
|
£135,000
|
£150,000
|
£180,000
|
|
£35,000
|
£157,500
|
£175,000
|
£210,000
|
|
£40,000
|
£180,000
|
£200,000
|
£240,000
|
|
£45,000
|
£202,500
|
£225,000
|
£270,000
|
|
£50,000
|
£225,000
|
£250,000
|
£300,000
|
|
£55,000
|
£247,500
|
£275,000
|
£330,000
|
|
£60,000
|
£270,000
|
£300,000
|
£360,000
|
|
£65,000
|
£292,500
|
£325,000
|
£390,000
|
|
£70,000
|
£315,000
|
£350,000
|
£420,000
|
|
£75,000
|
£337,500
|
£375,000
|
£450,000
|
