What Are The Requirements for a £200K Mortgage?
When you know what property you wish to buy and what sort of mortgage you need, it can be challenging to understand what salary you require to be considered eligible.
Each lender uses different criteria and calculation methods, so, unfortunately, no online calculator can give an accurate answer.
The Revolution Brokers team has put together this guide to explain how to qualify for a £200,000 mortgage, and what criteria a lender will look for.
If you'd like more detailed advice or help with finding a mortgage offer for £200,000, give us a call on 0330 304 3040, or email us at [email protected].
What Salary Do I Need to be Eligible for a £200,000 Mortgage?
As we've mentioned, each lender is different, so there isn't a fixed income you need to be approved for a mortgage of £200,000.
The difficulty is that, say you earn £35,000; to achieve this level of borrowing you'd need a loan of six times your income, which isn't impossible but is rare.
Below you'll find some indicative figures showing four theoretical lenders, and how your mortgage limit might be significantly different depending on what income multiple you qualify for.
|
Salary
|
Lender A - 3 x Income
|
Lender B - 4 x Income
|
Lender C - 5 x Income
|
Lender D - 6 x Income
|
|
£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
|
|
£65,000
|
£195,000
|
£260,000
|
£325,000
|
£390,000
|
|
£70,000
|
£210,000
|
£280,000
|
£350,000
|
£420,000
|
