Mortgage affordability in London depends on the relationship between your income, deposit, existing financial commitments and the price of the property you want to buy.
As a simple example, someone earning £60,000 would need a mortgage of five times their income to borrow £300,000, while two applicants earning £60,000 each would need approximately 4.17 times their combined £120,000 income to borrow £500,000.
However, income multiples are only a starting point. London buyers often have circumstances that can make affordability more complex, including bonuses, commission, self-employed income, professional earnings, existing property commitments and larger mortgage requirements.
In this guide, we look at how mortgage affordability works in London in 2026, how much you could potentially borrow at different income levels, how your deposit affects your property budget, and what options may be available if a standard affordability calculation falls short.
How much could you borrow for a mortgage in London?
If you’re planning to buy a property in London, your income provides a useful starting point for estimating your potential mortgage.
Use our How Much Can I Borrow Calculator for an initial indication of your potential borrowing based on your circumstances.
A calculator can’t replicate every lender’s affordability model, particularly if you receive bonus or commission income, are self-employed, have complex earnings or require a larger mortgage. In these situations, an adviser can assess your circumstances against individual lender criteria.
Need a more detailed affordability assessment? Speak to an Oportfolio mortgage adviser.
How much mortgage can I get based on my salary in London?
Salaries across London vary widely depending on experience, industry, and employment structure.
| Household Income | 4x income | 4.5x income | 5x income |
|---|---|---|---|
| £50,000 | £200,000 | £225,000 | £250,000 |
| £60,000 | £240,000 | £270,000 | £300,000 |
| £75,000 | £300,000 | £337,500 | £375,000 |
| £100,000 | £400,000 | £450,000 | £500,000 |
| £125,000 | £500,000 | £562,500 | £625,000 |
| £150,000 | £600,000 | £675,000 | £750,000 |
| £200,000 | £800,000 | £900,000 | £1,000,000 |
| £250,000 | £1,000,000 | £1,125,000 | £1,250,000 |
These figures are mathematical illustrations rather than guaranteed borrowing amounts. The amount available will depend on the lender’s affordability assessment and eligibility criteria.
Some lenders can consider higher income multiples for eligible applicants, while others may offer less than the figures shown once financial commitments and expenditure are taken into account.
Income multiples are only the starting point
Multiplying your salary by four or 4.5 can provide a useful initial estimate, but mortgage lenders carry out a much broader affordability assessment.
Depending on the lender and your circumstances, this can include:
- Loans and car finance
- Credit card balances
- Childcare costs
- Dependants
- Maintenance commitments
- Student loan deductions
- Mortgage term
- Credit profile
- Bonus, commission and overtime
- Other properties and mortgages
As a result, two London buyers with exactly the same salary and deposit could receive different maximum borrowing figures.
How your deposit affects what you can afford in London
Property prices vary significantly by location:
| Property Price | Deposit | Mortgage | LTV |
|---|---|---|---|
| £500,000 | £25,000 | £475,000 | 95% |
| £500,000 | £50,000 | £450,000 | 90% |
| £500,000 | £75,000 | £425,000 | 85% |
| £500,000 | £100,000 | £400,000 | 80% |
| £500,000 | £125,000 | £375,000 | 75% |
A larger deposit reduces the mortgage you need and therefore the income required to support the purchase.
For example, a buyer purchasing a £500,000 property with a £50,000 deposit would require a £450,000 mortgage. At a simple 4.5 times income calculation, that equates to £100,000 of household income.
With a £100,000 deposit, the required mortgage falls to £400,000, equivalent to approximately £88,889 at 4.5 times income.
These examples don’t replace a lender’s affordability assessment, but they demonstrate why your deposit and borrowing requirement need to be considered together.
What property could I afford in London?
£60,000 income
At 4.5× = £270,000 mortgage
£30,000 deposit = £300,000 illustrative property budget
£100,000 household income
At 4.5× = £450,000 mortgage
£50,000 deposit = £500,000 illustrative property budget
£150,000 household income
At 4.5× = £675,000 mortgage
£75,000 deposit = £750,000 illustrative property budget
£200,000 household income
At 4.5× = £900,000 mortgage
£100,000 deposit = £1,000,000 illustrative property budget
These examples are illustrations only and don’t include the other costs associated with purchasing a property, such as Stamp Duty Land Tax, legal fees, surveys and mortgage-related costs.
Buying a London property with two incomes
Applying jointly can significantly change the amount of income available for a lender’s affordability assessment.
For example, two applicants earning £60,000 each would have a combined household income of £120,000.
4× = £480,000
4.5× = £540,000
5× = £600,000
However, lenders will also assess the financial commitments and expenditure of both applicants. Combining two incomes therefore doesn’t automatically mean you will be able to borrow the maximum income multiple.
Mortgage affordability for first-time buyers in London
For first-time buyers in London, affordability often comes down to balancing three figures: income, deposit and the price of the property.
For example, a first-time buyer or couple with a combined income of £100,000 and a £50,000 deposit might initially consider a property budget around £500,000 if £450,000 of borrowing were available at 4.5 times income.
In practice, the amount available will depend on the lender’s full affordability assessment and the applicants’ circumstances.
First-time buyers may also need to consider:
- The size of their deposit and resulting LTV
- Existing loans and credit commitments
- Student loan deductions
- Childcare or dependant costs where applicable
- Mortgage term
- Credit history
- Additional purchase costs
Buyers receiving help from family may also be able to use a gifted deposit, subject to the lender’s requirements.
How bonus and commission can affect London mortgage affordability
Many London professionals receive a proportion of their remuneration through bonuses, commission or other variable income.
Depending on lender criteria, this income may be considered alongside basic salary when assessing mortgage affordability.
However, lenders don’t all assess variable earnings in the same way. They may look at factors including how long you’ve received the income, its frequency, previous earnings and the evidence available.
For example, someone with a £100,000 basic salary and £40,000 of annual bonus income may not automatically be assessed using the full £140,000 by every lender.
Where a substantial proportion of your earnings comes from bonus or commission, lender selection can therefore materially affect your potential borrowing.
Mortgage affordability for high earners and complex income
London mortgage applications often involve income that doesn’t fit neatly into a basic salary calculation.
This can include:
- Company directors receiving salary and dividends
- Retained company profits
- Partners in law, accountancy or other professional firms
- Contractors
- Bonus and commission income
- Multiple income streams
- High earners requiring larger mortgage amounts
Different lenders can assess these income structures in different ways.
For example, some lenders assess a limited-company director primarily using salary and dividends, while others may be able to consider a broader measure of company profitability where their criteria allow.
Similarly, partnership and contractor income can be treated differently depending on the lender.
This means the lender producing the highest affordability figure isn’t necessarily the applicant’s existing bank or the lender offering the highest headline income multiple.
A Real London Mortgage Affordability Case Handled by Oportfolio
Property: 300-year-old, three-storey house in Richmond, London
Purchase price: £3,350,000
Deposit: £1,061,000
Mortgage required: £2,289,000
Household income: £2,041,790
Applicants: Joint
Income type: Self-employed partner income
The challenge
Our clients were looking to purchase a 300-year-old, three-storey property in Richmond as their long-term family home.
Despite having a household income of more than £2 million and a deposit of over £1 million, securing the required £2.289 million mortgage wasn’t straightforward. The applicants had multiple existing mortgages and other financial commitments, which affected how much some lenders were prepared to offer once their full affordability position was assessed.
This demonstrated why a high income alone doesn’t necessarily translate into straightforward mortgage affordability, particularly when purchasing a higher-value London property.
How Oportfolio helped
We assessed the clients’ overall financial position and approached the market to identify a lender whose affordability criteria were better suited to their circumstances.
We found a lender that could take a more favourable view of the client’s self-employed partner income and was prepared to consider the borrowing required when assessing the application alongside their existing mortgages and commitments.
The outcome
The clients secured the £2.289 million mortgage they needed and were able to purchase their £3.35 million dream home in Richmond.
This case highlights the importance of looking beyond a simple income multiple when assessing mortgage affordability. For high earners, self-employed applicants and clients with existing property commitments, different lenders can reach very different affordability outcomes from the same financial circumstances.
What Could a London Mortgage Cost Each Month?
Understanding how much a lender may be prepared to offer is only one part of mortgage affordability. You also need to consider what the mortgage could cost each month and whether those repayments are comfortable and sustainable alongside your other financial commitments.
The table below shows illustrative monthly repayments on a £500,000 repayment mortgage across different interest rates and mortgage terms.
| Interest Rate | 25-Year Term | 30-Year Term | 35-Year Term |
|---|---|---|---|
| 4% | £2,639 | £2,387 | £2,214 |
| 4.5% | £2,779 | £2,533 | £2,366 |
| 5% | £2,923 | £2,684 | £2,523 |
| 5.5% | £3,070 | £2,839 | £2,685 |
| 6% | £3,222 | £2,998 | £2,851 |
For example, a £500,000 mortgage at an interest rate of 5% would cost approximately £2,923 per month over 25 years, compared with approximately £2,523 per month over 35 years.
Extending the mortgage term can reduce the required monthly repayment, but it will usually mean paying more interest over the full life of the mortgage. The appropriate mortgage term therefore depends on your circumstances, age, financial plans and the options available from the lender.
These figures are illustrative and assume a £500,000 capital-and-interest repayment mortgage with the interest rate remaining unchanged throughout the term. They do not include fees or other costs. Actual mortgage rates and repayments will vary.
If you’re considering buying in London, our mortgage repayment calculator can help you explore how different mortgage amounts, interest rates and terms could affect your estimated monthly repayments.
What Can I Do If I Can’t Borrow Enough to Buy in London?
If an initial mortgage affordability calculation falls short of the amount you need to buy a property in London, it doesn’t necessarily mean that every lender will reach the same figure.
Mortgage lenders use different affordability models and can assess income, expenditure and financial commitments in different ways. Before changing your property plans, it can therefore be worth understanding why there is an affordability shortfall and whether another lender may assess your circumstances differently.
Depending on your situation, some of the options to consider include:
- Increasing your deposit: A larger deposit reduces the mortgage required and may also give you access to a wider range of mortgage products.
- Reducing existing financial commitments: Loans, credit cards, car finance and other regular commitments can affect affordability. Reducing or clearing these commitments may improve the amount you can borrow, depending on the lender.
- Making sure all eligible income is considered: If you receive bonuses, commission, overtime or income from multiple sources, lenders can differ in how much of this income they are prepared to use.
- Finding a lender better suited to your income: This can be particularly important for company directors, self-employed applicants, contractors, partners and other applicants whose income doesn’t fit neatly into a basic salary calculation.
- Applying jointly where appropriate: Combining two incomes can significantly increase the household income available for an affordability assessment, although the lender will also consider both applicants’ financial commitments.
- Considering a longer mortgage term: A longer term can reduce the monthly repayment used within some affordability calculations and may increase borrowing in certain circumstances. However, it will usually increase the total amount of interest paid over the life of the mortgage.
- Exploring lenders that offer higher income multiples: Some lenders can consider higher multiples for eligible applicants, particularly certain professionals and higher earners, although this remains subject to the lender’s full affordability assessment and criteria.
Being offered less than you need by your existing bank or an online mortgage calculator therefore isn’t necessarily the end of your London property search. A mortgage broker can compare how different lenders assess your circumstances and identify whether there are realistic alternatives.
However, the objective shouldn’t simply be to borrow as much as possible. Any mortgage needs to remain affordable and sustainable alongside your other financial commitments, both now and in the future.
Find out what you could afford in London
If you’re planning to buy in London and want to understand what mortgage amount is realistic, start with our How Much Can I Borrow Calculator for an initial indication.
For a more detailed assessment, speak to an Oportfolio mortgage adviser. We can review your income, deposit, existing financial commitments and property plans before assessing your circumstances against relevant lender criteria.
This can be particularly useful if:
- The mortgage you need is above a standard affordability calculation
- A significant proportion of your income comes from bonus or commission
- You’re self-employed or a company director
- You’re a partner or contractor
- You’re buying a higher-value London property
- Another lender has offered less than you expected
Speak to an Oportfolio mortgage adviser
FAQ: London Mortgage Affordability
What salary do I need to buy a property in London?
There isn't one salary required to buy a property in London because property prices, deposits and mortgage requirements vary considerably. For example, if you needed a £450,000 mortgage, this would represent 4.5 times a household income of £100,000. A larger deposit could reduce the mortgage required, while a more expensive property would generally increase it.
How much mortgage can I get on a £60,000 salary in London?
At four times income, a £60,000 salary would equate to £240,000 of borrowing. At 4.5 times income, it would be £270,000, while five times income would equate to £300,000. These are illustrative figures rather than guaranteed borrowing amounts, as lenders will also assess your expenditure, debts, credit profile and other circumstances.
How much mortgage can I get on a £100,000 salary in London?
A £100,000 income would equate to a £400,000 mortgage at four times income, £450,000 at 4.5 times income and £500,000 at five times income. Some applicants may be able to access higher multiples depending on their circumstances and lender criteria, while affordability commitments could result in a lower maximum mortgage.
Can two incomes be used for a London mortgage?
Yes. If you're applying jointly, lenders can generally consider both applicants' eligible incomes when assessing affordability. For example, two applicants earning £60,000 each would have a combined income of £120,000. At 4.5 times combined income, this would equate to £540,000 of borrowing before the lender's full affordability assessment. The financial commitments of both applicants will also be considered.
Can bonus and commission increase how much I can borrow?
Potentially. Many lenders can consider bonus, commission, overtime and other forms of variable income, but the way this income is assessed varies. A lender may consider your earnings history, how regularly the additional income is received and the evidence available. This can make lender selection particularly important for London professionals whose basic salary represents only part of their total remuneration.
Does a bigger deposit increase mortgage affordability?
A larger deposit doesn't necessarily change how a lender assesses your income, but it reduces the amount you need to borrow and lowers the loan-to-value (LTV) of the mortgage. This can make a property purchase more achievable and may provide access to a wider range of mortgage products, subject to lender criteria.
Related Blogs
- How Is Mortgage Affordability Calculated?
- How Much Mortgage Can I Get on £50,000?
- How Much Mortgage Can I Get on £60,000?
- What Salary Do I Need for a £300k Mortgage?
- What Salary Do I Need for a £500k Mortgage?
- Can I Borrow 5 Times My Salary?
- High-Net-Worth Mortgages
- Large Mortgages UK
- First-Time Buyer Mortgages
- Gifted Deposits
