Borrowing
What house can I afford on a £60,000 salary?
On £60,000 a year, many lenders would lend around £270,000, which is 4.5 times your income. With a 5% deposit that reaches a home of about £284,000, or about £300,000 with 10% down.
| Deposit | Home | Monthly | Cash on day one |
|---|---|---|---|
| 5%£14,200 | £284,000 | £1,367 | £17,740 |
| 10%£30,000 | £300,000 | £1,368 | £33,600 |
| 15%£47,550 | £317,000 | £1,365 | £52,070 |
| 20%£67,400 | £337,000 | £1,366 | £73,000 |
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
£60,000 is about £3,780 a month after tax and National Insurance in England. The £1,368 mortgage with a 10% deposit would be about 36% of that, before bills and council tax.
Common questions
- How much can I borrow on £60,000?
- Many lenders lend around 4.5 times income, so about £270,000. Some go up to 5 times, about £300,000, 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 £300,000, a £270,000 repayment mortgage at 4.5% over 30 years is about £1,368 a month, before bills and council tax.
- How much cash do I need on day one?
- About £33,600 at that price with a 10% deposit: the £30,000 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.