How much can I borrow on £38,000?
Earning £38,000? Most lenders will offer around £171,000, which costs £950 a month at 4.5% over 25 years.
- Borrow at 4.5x income
- £171,000
- Monthly payment (4.5%, 25y)
- £950
- Share of take-home pay
- 37%
- Home price with 10% deposit
- £190,000
- HMRC 2026/27 rates
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On a £38,000 salary you can typically borrow £152,000 to £171,000. A £171,000 mortgage at 4.5% over 25 years costs £950 a month, 37% of your take-home pay.
What £38,000 could borrow at each income multiple
The home it could buy
| Deposit | Home price | Deposit needed | Stamp duty (first-time buyer) |
|---|---|---|---|
| 5% | £180,000 | £9,000 | £0 |
| 10% | £190,000 | £19,000 | £0 |
| 15% | £201,000 | £30,000 | £0 |
| 25% | £228,000 | £57,000 | £0 |
Buying with someone else
| Household income | Borrow at 4.5x | A month at 4.5% |
|---|---|---|
| £38,000 | £171,000 | £950 |
| £58,000 | £261,000 | £1,451 |
| £76,000 | £342,000 | £1,901 |
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 £170,000 mortgage at every rate.
- Your take-home on £38,000 after tax.
- The full picture in how much can I borrow for a mortgage?
Questions people ask
How much can I borrow on £38,000?
Usually £152,000 to £171,000, at 4 to 4.5 times your income. Some lenders offer up to 5.5 times (£209,000) to higher earners or certain professions, and every lender checks your outgoings and credit history first.
What house can I buy on £38,000?
With a 10% deposit and a £171,000 mortgage, about £190,000. With a 15% deposit, about £201,176.
Is a £171,000 mortgage affordable on £38,000?
At 4.5% the payment is £950 a month, 37% of your £2,573 monthly take-home pay. Lenders also stress test at higher rates to check you could still pay if rates rise.