To secure a £150,000 mortgage, a household income of approximately £33,333 to £37,500 per year is typically required, based on lenders offering 4 to 4.5 times your annual salary. While some lenders may stretch to 5 or 6 times income, standard, more affordable lending usually fits within this range.
You will need a household income of between £33,333 and £37,500 to qualify for a £150k mortgage at most lenders. The monthly repayments on a mortgage of this amount are around £792. The best way to apply for a £150k mortgage is through a broker.
Lenders traditionally offer an amount between four and five times your income, though in some cases they may offer more or less than this. If you are borrowing with a partner there are a few ways a lender might combine your incomes.
Generally, you can get a mortgage between 4 and 4.5 times your total household income for a mortgage. The most important thing lenders look at when you're borrowing for a mortgage is your monthly income. The second most important thing is your monthly outgoings - and how much you can comfortably repay on a mortgage.
"A homeowner can secure solid mortgage terms with a credit score of 700 or higher," he adds. "740 is typically the score necessary to qualify for the 'best' rate, but there are products and programs out there that will improve interest rates for FICO credit scores above 760 or 780."
How much can I borrow with a £4,000 monthly payment? While it varies depending on your financial details, under favourable conditions you could be looking at a mortgage of around £760,000 at 4% interest over 25 years. The exact amount will depend on your income, credit score, and other debts.
How much is a 30 year mortgage payment for 150000?
A 30-year, $150,000 mortgage at a 6.25% fixed interest rate will be about $924 per month (not including property taxes or mortgage interest), while a 15-year mortgage at the same rate would cost about $1,286 monthly.
How much deposit do I need for a 150k house in the UK?
Some mortgage lenders will ask for a bigger deposit than this and a general rule-of-thumb is to save a deposit that is 20% of the price of the property you want to buy. So, in our £150,000 house example above, a 20% deposit would be £30,000.
Important information. 1. Premier customers may be able to borrow up to 6.5 times their income with an LTV of up to 90%. First-time buyers with a minimum sole income of £35k, or a joint income of £55k, may be able to borrow up to 5.5 times their income with a maximum 90% LTV.
At what age will the bank not give you a mortgage?
55 years old: Almost all lenders will require a written exit strategy, evidence of your superannuation and other assets that can be sold to repay the proposed debt. 60 years old: Most banks are likely to decline your application due to your age.
While age may be a factor in your mortgage application, it is by no means a barrier to buying a home. Instead, applicants aged 40 and over may have to be aware that term length on their mortgage will be considered and monthly payments could increase.
50% of your net income should go towards living expenses and essentials (Needs), 20% of your net income should go towards debt reduction and savings (Debt Reduction and Savings), and 30% of your net income should go towards discretionary spending (Wants).
A 5.5x Mortgage allows first-time buyers to borrow up to 5.5 times their household income, providing that eligibility criteria is met. This scheme could increase your buying budget by up to 20%, which could mean you can buy sooner, or might widen your property search.
Your credit score has a direct impact on your mortgage application, affecting your interest rate, loan approval, and overall borrowing costs. Even a slight improvement in your score can save you thousands over the life of your mortgage.
A "good" UK salary in 2025 varies, but the median full-time annual earning was around £39,000, with averages higher in London (£49,692) and lower in the North East (£34,403), while £30k-£35k provides comfort outside London, but £45k-£50k is better for London living. What's good depends heavily on location, industry, age, and lifestyle, with higher earners like neurosurgeons earning significantly more.
