On a £115,000 annual salary, most UK lenders would offer you a mortgage of between £402,500 (3.5x) and £632,500 (5.5x), with the standard offer being £517,500 (4.5x your income).

Borrowing by income multiple

Multiple	Max borrowing	Monthly repayment	Stress test (8.5%)
3.5x (conservative)	£402,500	£2,471.7	£3,241.04
4.5x (standard)	£517,500	£3,177.9	£4,167.05
5.5x (specialist)	£632,500	£3,884.1	£5,093.06

Can you afford the repayments?

At the standard 4.5x multiple, your monthly mortgage payment would be £3,177.9. Check your take-home pay on £115,000 to see how this fits your monthly budget.

What about the stress test?

Lenders must check you can afford payments if rates rise. At the stress test rate of 8.5%, your monthly payment on a 4.5x mortgage would be £4,167.05.

Don't forget stamp duty

On a property worth £517,500, you'll also need to budget for stamp duty. With a 10% deposit of £51,750, your total upfront costs will include the deposit, stamp duty, solicitor fees (typically £1,000–£2,000), and survey costs (£300–£600). Make sure you have enough savings beyond the deposit to cover these additional purchase costs.

How lenders assess affordability

UK mortgage lenders don't just look at the income multiple — they also assess your monthly outgoings, existing debts, and living costs. On a £115,000 salary, your monthly take-home pay determines how much disposable income you have after essential expenses. Most lenders want your mortgage payment to be no more than 28–35% of your gross monthly income (£9,583). At the standard 4.5x multiple, your payment of £3,177.9 represents 33.2% of your gross monthly income.

If you have a partner, joint applications can significantly increase your borrowing power. Two earners on £115,000 each could potentially borrow up to £1,035,000 on a joint 4.5x multiple, opening up a much wider range of properties. Check the monthly repayments on a £525,000 mortgage to see what that would cost.

Frequently asked questions

How much can I borrow on £115,000?
Most UK lenders offer 4.5x your income, which is £517,500. Some specialist lenders may offer up to 5.5x (£632,500) if you have a strong credit history and low outgoings.

What deposit do I need?
Most lenders require at least 5–10% of the property value as a deposit. On a property worth £517,500, that's between £25,875 and £51,750. A larger deposit (15–20%) typically gets you a better interest rate.

Can I get a mortgage on £115,000 with bad credit?
It's possible but more difficult. Specialist lenders may approve you at a lower multiple (3–3.5x) and higher interest rate. On a 3.5x multiple, you could borrow £402,500 with monthly payments of £2,471.7.