Hot Topic As A First Time Buyer How Much Can I Actually Borrow

One of the most common questions we hear from first-time buyers is “How much can I actually borrow?” The answer is rarely as simple as an online calculator suggests and in many cases, buyers are surprised by what may be achievable with the right advice.

 

In some circumstances, yes. Certain lenders offer professional-specific or high-earning mortgage products that can allow borrowing of up to six times salary. These are typically available to applicants with strong income profiles or clear future earning potential, and affordability is assessed carefully to ensure the loan remains sustainable.

 

Yes. Many lenders will consider variable income by averaging overtime and commission, often annualised from the most recent three months, with P60s used to evidence historical consistency. Bonuses are typically assessed over a two-year period, although some lenders will accept just one year. As criteria vary widely, the same income can result in very different borrowing outcomes depending on where an application is placed.

 

This doesn’t automatically prevent you from borrowing. Some lenders will accept applications where a client is in a new role, on probation, or has recently received a pay rise and in certain cases will even take confirmed future pay increases or new roles starting within the next three months, provided these are supported by a signed contract or written confirmation. This is particularly common where there is clear career progression or income sustainability.

 

They are taken into account, but often not as heavily as people expect. Items such as student loans or car finance are factored into affordability, but they don’t necessarily rule out higher borrowing, especially where overall income is strong.

 

Yes. Most lenders accept gifted deposits from close family members, provided the gift is non-repayable and properly documented. This can be particularly helpful for first-time buyers looking to access higher loan-to-value borrowing.

 

Not necessarily. While a lender may be willing to offer a certain amount, the right mortgage should also support your monthly lifestyle and longer-term plans, not just push affordability to its limit.

The key takeaway is that there’s no single answer to how much a first-time buyer can borrow but there are often more options available than many people realise. Understanding how lenders assess income and affordability, and structuring an application correctly from the outset, can make a meaningful difference to what’s achievable.