You’ve worked out your salary, multiplied it by four or five and decided that’s the maximum mortgage you could ever get. It’s a common way to estimate your budget, but mortgage borrowing isn’t quite that simple.
Am I limited to borrowing 4 or 5 times my income? You cannot accurately work out how much mortgage you can borrow simply by multiplying your salary by four or five. Income multiples can form part of a lender’s calculations, but lenders also assess affordability, regular commitments, deposit, mortgage term and their own lending criteria. The amount available can therefore vary significantly between lenders and applicants.
Where does the ‘4 or 5 times your income’ rule come from?
It’s one of those mortgage rules of thumb that has become accepted as fact.
Research published by the HomeOwners Alliance in 2026 found that 49% of aspiring homeowners believed the maximum they could borrow was limited to four to five times their income.
Using an income multiple can be a handy starting point when you’re playing with numbers at home. The problem comes when you treat that rough calculation as a firm borrowing limit.
Mortgage lenders don’t all use identical affordability calculations. That means two lenders looking at the same applicant can potentially arrive at different maximum borrowing figures.
How do lenders actually decide how much you can borrow?
Your income is clearly important, but it’s only part of the picture.
A lender will want to know whether the mortgage repayments appear affordable alongside the rest of your financial commitments. Depending on your circumstances, that could include loans, credit cards, childcare, other debts and regular household spending.
They’ll also consider factors such as your deposit, the mortgage term, the property and their own lending criteria.
For somebody with variable income, bonuses, overtime or self-employed earnings, lenders can also differ in how much of that income they’re prepared to take into account.
This is why an online calculation based purely on salary should be treated as an estimate rather than a promise.
Could I borrow more than 5 times my income?
Some lenders may offer higher income multiples to certain applicants, subject to affordability, eligibility and lending criteria. That doesn’t mean everyone can, or should, borrow at that level.
There are regulatory limits affecting how much high loan-to-income lending lenders can do, and lenders have their own rules about who qualifies.
Even if a lender is prepared to offer you a particular amount, you should think carefully about whether the resulting monthly payments work comfortably within your own budget.
A mortgage is a long-term commitment. Leaving yourself some breathing room for unexpected costs or changes in circumstances can be just as important as establishing the maximum figure available.
Why can two lenders give me different borrowing amounts?
Because their affordability models and lending criteria aren’t identical.
One lender might take a different view of bonus or overtime income. Another might treat existing financial commitments differently. Criteria can also vary depending on your occupation, deposit, mortgage term and other circumstances.
This is particularly relevant if you’re self-employed, have multiple sources of income or your finances don’t fit neatly into a standard salary calculation.
So if one bank’s calculator gives you a disappointing figure, that doesn’t necessarily tell you what every lender would be prepared to consider.
Should I just ask my existing bank how much I can borrow?
You can, but remember that your bank can only tell you about its own products and criteria.
Interestingly, the same HomeOwners Alliance research found that 40% of aspiring homeowners believed their best option was to go straight to their existing bank.
A broker can instead look across a range of lenders. At Wolsey Mortgage, we have access to more than 12,000 products from over 80 lenders, so we can compare options and criteria rather than relying on a single bank’s calculation.
That doesn’t mean another lender will automatically let you borrow more, and borrowing the maximum possible isn’t always the right goal. It means you can make your plans using a more informed picture of what’s potentially available.
What should I do before I start viewing houses?
Get an idea of your realistic borrowing position before falling in love with a property.
Look at your income, deposit and existing commitments, then speak to a mortgage adviser about what lenders may be prepared to consider. You’ll also want to think about what monthly payment feels comfortable to you, rather than focusing solely on the biggest mortgage available.
Knowing your likely budget can make property hunting far less frustrating and help you approach estate agents with more confidence.
Frequently Asked Questions
Is 4.5 times my salary the maximum mortgage I can get?
Not necessarily. Income multiples are only part of mortgage lending, and lender criteria vary. Your affordability, deposit, commitments and circumstances will also influence how much a lender may consider.
Do lenders include overtime and bonuses as income?
Some lenders may include some or all of regular overtime, bonuses or other income, but their criteria vary. Evidence of the income and its history may be required.
Does being self-employed mean I can borrow less?
Not automatically. Lenders assess self-employed income in different ways, so the amount available will depend on your accounts, income history, affordability and the lender’s criteria.
Should I borrow the maximum a lender offers me?
Not necessarily. You should consider whether the monthly payments leave enough room in your budget for normal living costs, emergencies and possible changes in circumstances.
Can one mortgage lender offer me more than another?
Potentially, yes. Lenders use different affordability calculations and criteria, so the borrowing amount available can vary between them.
Find out what you could realistically borrow
Before setting your house-hunting budget using a simple salary calculation, book a free chat with Wolsey Mortgage. We’ll look at your income, deposit and circumstances and explain the mortgage options available to you, with appointments at a time and place to suit you.
Mortgage rates, products and lending criteria vary. Your home may be repossessed if you do not keep up repayments on your mortgage. Get in touch with Wolsey Mortgage for advice specific to your situation.