Buying with someone else could help you borrow more because lenders can take both incomes into account. However, lenders will also consider your spending, deposit and credit history before deciding how much to offer.
A combined salary mortgage can give you a larger budget, but income is only one part of the lender’s decision. Understanding joint mortgage affordability early can help you focus your property search on homes within reach.
What to consider before applying together
CREDIT REPORTS
Check both credit reports
Review both reports before applying, as lenders will assess each applicant’s credit history.
CREDIT ISSUES
Understand what lenders assess
Recent defaults, CCJs and missed payments may carry more weight than older credit issues.
APPLICATION
Strengthen your application
A larger deposit, lower debts and a stronger recent payment record may improve your options.
LENDER CRITERIA
Compare lender criteria
Some lenders take a more flexible approach to adverse credit than others.
How much could you borrow together?
Use our affordability calculator for a quick estimate.
How lenders assess joint borrowing
Lenders assess a joint mortgage application using both applicants’ finances. They look at what you earn together, what you already spend and whether the proposed repayments appear affordable.
Both applicants are assessed
Your incomes can be combined, but lenders also review each person’s debts, commitments and credit history.
Your finances are considered together
Household spending and existing repayments are considered alongside your combined income to work out what may be affordable.
The mortgage still needs to fit
The lender considers the deposit, mortgage amount and likely repayments before deciding how much it may be willing to lend.
How many times your joint salary can you borrow?
A common question is how many times joint salary for mortgage UK lenders will accept. As a starting point, many lenders consider around 4.5 times your combined annual income.
However, income multiples provide an initial estimate rather than a guaranteed borrowing amount. Lenders will also consider your spending, debts, deposit and credit history when assessing your application.
Some first-time buyers may be able to borrow up to 5.5 times their income. To qualify, they will usually need a combined income above £30,000 and must meet the lender’s checks.
The examples below show how these income multiples could work for a combined salary mortgage.
Combined annual income
Example borrowing at 4.5×
Example borrowing at 5.5×
£50,000
£225,000
£275,000
£70,000
£315,000
£385,000
£90,000
£405,000
£495,000
£120,000
£540,000
£660,000
Worth knowing
Income multiples are only a starting point. The amount you can borrow will also depend on your spending, debts, deposit, credit history and the lender’s criteria.
Two households with the same income could still receive different borrowing figures. That is because lenders look at the full picture, not just your salary.
You can also get an Agreement in Principle to see how much you may be able to borrow.
What affects how much you can borrow?
A joint mortgage depends on more than your combined income. Lenders also consider your spending, debts, deposit and credit history.
Your deposit
A larger deposit can reduce your loan-to-value (LTV) and may give you access to a wider range of mortgage options and more competitive rates.
Monthly commitments
Loans, credit cards, childcare, household bills and other regular spending can reduce the amount available for mortgage repayments.
Credit history
Lenders usually check both applicants’ credit histories. Missed payments, defaults or CCJs can affect the options available.
Income and employment
Lenders look at how much you earn together and how reliable that income is. The evidence required can vary depending on how you are employed.
Mortgage rates
Higher mortgage rates can increase the monthly repayment used in affordability calculations and may reduce how much you can borrow.
Need to check rates today?
Use our live rates table to see how far your numbers stretch.
Does adding a second applicant always increase borrowing?
Adding a second applicant can increase the income available for a mortgage assessment, but it does not automatically mean you will be able to borrow more.
Lenders assess both applicants’ finances. If the second person has significant debts, high monthly commitments or a weaker credit history, those factors may offset some of the benefit of their additional income.
The outcome depends on the application as a whole. In some cases, two incomes can substantially increase borrowing power. In others, existing commitments may mean the difference is smaller than expected.
Worth knowing
A second income can increase borrowing potential, but lenders also take on the second applicant’s financial commitments.
How Muttuo Mortgages can help
Joint mortgage affordability can vary between lenders. We can help you understand what you may be able to borrow together.
Review your combined income and commitments
Compare criteria from more than 100 lenders
Explore options for joint and multiple applicants
Talk through your options
Understand how lenders may assess your combined circumstances and explore your joint mortgage options.
Your home may be repossessed if you do not keep up repayments on your mortgage.
