The most common question we get on a first call. The short answer is that most lenders will offer 4.5x your annual income — so around £55,000 to £60,000 gets you to a £250,000 mortgage. But that hides a lot of nuance, and depending on your situation the honest answer could be as low as £42,000 or as high as £70,000.

The rough rule: 4.5x income

Most high-street lenders will multiply your gross annual income by 4.5 to calculate the maximum mortgage they will offer. So on paper, £250,000 ÷ 4.5 = £55,555. If two of you are applying, they add the two incomes together first.

This is a rule of thumb, not a rule. Some lenders go to 5x or even 5.5x for higher earners or specific professional groups (doctors, solicitors, accountants). A few go down to 4x for people with commitments the lender considers riskier.

Deposit changes the number

Your deposit affects both what you can borrow and the rate you get. On a £250,000 mortgage the deposit thresholds that matter are:

  • 5% deposit (£13,157): total purchase price £263,157. Highest rates, fewer lenders will offer.
  • 10% deposit (£27,777): total £277,777. Better rates, most mainstream lenders active.
  • 15% deposit (£44,117): total £294,117. Meaningfully better rates.
  • 25% deposit (£83,333): total £333,333. Best available rates.

Larger deposits do not usually change how much you can borrow — that is set by your income — but they do change the total purchase price you can afford, and the monthly cost.

What lenders actually check

Beyond income and deposit, lenders assess:

  • Committed outgoings: car finance, student loans, credit card minimum payments, child maintenance, existing loans. Each of these reduces what they will lend.
  • Number of dependants: each child in the household reduces the lender’s affordability calculation by around £300-£400 a month of disposable income.
  • Credit history: recent missed payments, defaults, or high credit utilisation will reduce the number of lenders willing to lend and can bump you into a higher rate.
  • Income stability: passing probation, permanent contract, and consistent employment history all matter. Recent job changes are not fatal but do need explaining.

Self-employed? Different numbers

Self-employed applicants often have a much wider range of possible outcomes. On the same set of accounts, one lender might use £35,000 (salary + dividends) and another £68,000 (share of net profit before dividends). This alone can double what you can borrow. See our self-employed mortgages page for more detail.

Worked example: dual-income household

You and your partner earn £38,000 and £29,000 respectively (£67,000 combined). No children, no significant debts, small £180 car finance payment.

  • 4.5x combined = £301,500 maximum mortgage.
  • Deducting one year of car finance from the affordability calculation typically reduces max borrowing by around £5,000-£10,000.
  • Realistic maximum: ~£290,000 mortgage.

With a 10% deposit of £33,333, that gets you to a purchase price of ~£323,000. Monthly repayment on a 5-year fix at 4.5% over 30 years would be around £1,470.

What to do next

The only way to know for sure what you can borrow is a full affordability check with a lender. We do this on the first call — it takes twenty minutes and gives you a real, evidence-based number to work with (not just a rule of thumb). Book a call with Anth.