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How Much Mortgage Can I Get? Understanding What You Can Borrow

How Much Mortgage Can I Get? Understanding What You Can Borrow

Wednesday, February 12, 2025

5 Minutes

Older Man Happy on phone
Older Man Happy on phone
Older Man Happy on phone

Whether you’re a first-time buyer, moving home, or investing in property, understanding your borrowing potential is key to planning your purchase.

In this guide, we’ll break down what affects your mortgage affordability, how to calculate your borrowing power, and how much you might need for a deposit.

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How Do Lenders Decide How Much You Can Borrow?

Mortgage lenders assess a variety of factors to determine how much you can borrow, including:

✅ Your Income – The higher your salary, the more you may be able to borrow. Most lenders offer between 4 to 4.5 times your annual income as a general rule.

✅ Your Outgoings – Monthly expenses like loans, credit card payments, and childcare costs will impact affordability.

✅ Your Credit Score – A strong credit score can open up better mortgage deals and increase your borrowing potential.

✅ Your Deposit – The bigger the deposit, the less you need to borrow, which could also mean better interest rates.

✅ The Type of Mortgage – Different types of mortgages (e.g., residential, buy-to-let, guarantor mortgages) have different borrowing criteria.

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How Much Mortgage Can I Get Based on My Income?

While mortgage affordability varies by lender, a rough guide is:

• £30,000 salary → Borrow between £120,000 - £135,000

• £40,000 salary → Borrow between £160,000 - £180,000

• £50,000 salary → Borrow between £200,000 - £225,000

• £60,000 salary → Borrow between £240,000 - £270,000

• £70,000 salary → Borrow between £280,000 - £315,000

If you're applying as a couple, lenders will consider your combined household income, which increases the borrowing potential.

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How Much Deposit Do You Need to Buy a House?

The minimum deposit required is typically 5% of the property price. However, a larger deposit means:

✔️ Lower monthly payments

✔️ Access to better mortgage rates

✔️ Increased borrowing options

Example Deposits for Different House Prices:

• £200,000 home → £10,000 deposit (5%)

• £300,000 home → £15,000 deposit (5%)

• £400,000 home → £40,000 deposit (10%)

If you’re buying a buy-to-let property, lenders often require a minimum 25% deposit.

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How to Know If You Can Afford a House

Before committing to a mortgage, consider these key factors:

🔹 Your Monthly Repayments – Can you comfortably afford the payments alongside other bills?

🔹 Your Savings – Do you have enough for a deposit, legal fees, and moving costs?

🔹 Your Job Stability – Is your income steady enough to cover repayments long-term?

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What If You Need Help Buying a House?

If you’re struggling with the upfront costs of homeownership, you may be eligible for:

🏡 Government Schemes – Shared Ownership, Help to Buy, or First Homes Scheme.

🏡 Guarantor Mortgages – A family member can help secure a mortgage with their income.

🏡 Low-Deposit Mortgages – Some lenders offer 95% mortgages, meaning you only need a 5% deposit.

💡 Tip: Speak to an independent mortgage broker (like us!) to explore your best options and maximise your borrowing potential.

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Check How Much You Can Borrow Today

Every mortgage application is unique, and lenders assess affordability differently. If you’re wondering "How much mortgage can I get?", the best step is to get personalised advice.

🔹 Book a free consultation with our team at Chetwood Lloyd Mortgages.

🔹 Let’s find the best mortgage for you – fee-free and stress-free!

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Jamie Mielczarek

Jamie Mielczarek, founder of Chetwood Lloyd Mortgages, brings 25 years of experience and a commitment to honest, client-first advice rooted in family values and full independence.

Chetwood Lloyd Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FCA). The FCA regulates financial services in the UK and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register. Our Financial Services Register number is 930774.Registered office: Dalton House, 35 Chester Street, Wrexham, LL13 8AH.Chetwood Lloyd Mortgages is registered in England and Wales with company number12637290.The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.Your home may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy To Lets. A summary of our internal procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567

Copyright © 2025 Chetwood Lloyd Mortgages

Chetwood Lloyd Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FCA). The FCA regulates financial services in the UK and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register. Our Financial Services Register number is 930774.Registered office: Dalton House, 35 Chester Street, Wrexham, LL13 8AH.Chetwood Lloyd Mortgages is registered in England and Wales with company number12637290.The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.Your home may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy To Lets. A summary of our internal procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567

Copyright © 2025 Chetwood Lloyd Mortgages

Chetwood Lloyd Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FCA). The FCA regulates financial services in the UK and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register. Our Financial Services Register number is 930774.Registered office: Dalton House, 35 Chester Street, Wrexham, LL13 8AH.Chetwood Lloyd Mortgages is registered in England and Wales with company number12637290.The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.Your home may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy To Lets. A summary of our internal procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567

Copyright © 2025 Chetwood Lloyd Mortgages