How much can I borrow on £24,000?
Earning £24,000? Most lenders will offer around £108,000, which costs £600 a month at 4.5% over 25 years.
- Borrow at 4.5x income
- £108,000
- Monthly payment (4.5%, 25y)
- £600
- Share of take-home pay
- 35%
- Home price with 10% deposit
- £120,000
- HMRC 2026/27 rates
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On a £24,000 salary you can typically borrow £96,000 to £108,000. A £108,000 mortgage at 4.5% over 25 years costs £600 a month, 35% of your take-home pay.
What £24,000 could borrow at each income multiple
The home it could buy
| Deposit | Home price | Deposit needed | Stamp duty (first-time buyer) |
|---|---|---|---|
| 5% | £114,000 | £6,000 | £0 |
| 10% | £120,000 | £12,000 | £0 |
| 15% | £127,000 | £19,000 | £0 |
| 25% | £144,000 | £36,000 | £0 |
Buying with someone else
| Household income | Borrow at 4.5x | A month at 4.5% |
|---|---|---|
| £24,000 | £108,000 | £600 |
| £44,000 | £198,000 | £1,101 |
| £48,000 | £216,000 | £1,201 |
Joint applications add both incomes together. Lenders then take off regular commitments like car finance, credit cards and childcare, so large debts cut what you can borrow.
Keep going
- Monthly payments on a £110,000 mortgage at every rate.
- Your take-home on £24,000 after tax.
- The full picture in how much can I borrow for a mortgage?
Questions people ask
How much can I borrow on £24,000?
Usually £96,000 to £108,000, at 4 to 4.5 times your income. Some lenders offer up to 5.5 times (£132,000) to higher earners or certain professions, and every lender checks your outgoings and credit history first.
What house can I buy on £24,000?
With a 10% deposit and a £108,000 mortgage, about £120,000. With a 15% deposit, about £127,059.
Is a £108,000 mortgage affordable on £24,000?
At 4.5% the payment is £600 a month, 35% of your £1,733 monthly take-home pay. Lenders also stress test at higher rates to check you could still pay if rates rise.