How much can I borrow on £62,000?
Earning £62,000? Most lenders will offer around £279,000, which costs £1,551 a month at 4.5% over 25 years.
- Borrow at 4.5x income
- £279,000
- Monthly payment (4.5%, 25y)
- £1,551
- Share of take-home pay
- 40%
- Home price with 10% deposit
- £310,000
- HMRC 2026/27 rates
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On a £62,000 salary you can typically borrow £248,000 to £279,000. A £279,000 mortgage at 4.5% over 25 years costs £1,551 a month, 40% of your take-home pay.
What £62,000 could borrow at each income multiple
The home it could buy
| Deposit | Home price | Deposit needed | Stamp duty (first-time buyer) |
|---|---|---|---|
| 5% | £294,000 | £15,000 | £0 |
| 10% | £310,000 | £31,000 | £500 |
| 15% | £328,000 | £49,000 | £1,400 |
| 25% | £372,000 | £93,000 | £3,600 |
Buying with someone else
| Household income | Borrow at 4.5x | A month at 4.5% |
|---|---|---|
| £62,000 | £279,000 | £1,551 |
| £82,000 | £369,000 | £2,051 |
| £124,000 | £558,000 | £3,102 |
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 £280,000 mortgage at every rate.
- Your take-home on £62,000 after tax.
- The full picture in how much can I borrow for a mortgage?
Questions people ask
How much can I borrow on £62,000?
Usually £248,000 to £279,000, at 4 to 4.5 times your income. Some lenders offer up to 5.5 times (£341,000) to higher earners or certain professions, and every lender checks your outgoings and credit history first.
What house can I buy on £62,000?
With a 10% deposit and a £279,000 mortgage, about £310,000. With a 15% deposit, about £328,235.
Is a £279,000 mortgage affordable on £62,000?
At 4.5% the payment is £1,551 a month, 40% of your £3,876 monthly take-home pay. Lenders also stress test at higher rates to check you could still pay if rates rise.