Borrowing
What house can I afford on a £55,000 salary?
On £55,000 a year, many lenders would lend around £247,500, which is 4.5 times your income. With a 5% deposit that reaches a home of about £260,000, or about £275,000 with 10% down.
| Deposit | Home | Monthly | Cash on day one |
|---|---|---|---|
| 5%£13,000 | £260,000 | £1,252 | £16,440 |
| 10%£27,500 | £275,000 | £1,254 | £31,000 |
| 15%£43,650 | £291,000 | £1,253 | £47,220 |
| 20%£61,800 | £309,000 | £1,253 | £65,880 |
Repayment mortgage at 4.5% over 30 years. Day one cash is the deposit plus fees, and Stamp Duty in England for a first-time buyer. Try your own rate and term
Against your take-home pay
£55,000 is about £3,538 a month after tax and National Insurance in England. The £1,254 mortgage with a 10% deposit would be about 35% of that, before bills and council tax.
Common questions
- How much can I borrow on £55,000?
- Many lenders lend around 4.5 times income, so about £247,500. Some go up to 5 times, about £275,000, for some buyers. Debts and other payments bring it down. Only a lender can say for sure.
- What would the mortgage cost a month?
- With a 10% deposit on about £275,000, a £247,500 repayment mortgage at 4.5% over 30 years is about £1,254 a month, before bills and council tax.
- How much cash do I need on day one?
- About £31,000 at that price with a 10% deposit: the £27,500 deposit plus legal fees, searches, a survey and moving. First-time buyers in England pay no Stamp Duty up to £300,000.
- What if I'm buying with someone?
- Lenders add your incomes together. Add your incomes and use the guide for the total.
A guide, not a promise anyone will lend. Debts, other payments and your credit history change what a lender offers. Checked 2026-10-04.