Can I Get a Mortgage on £20k a Year in the UK?

Thinking ahead? Understand your mortgage affordability now.

It is absolutely possible to get a mortgage on £20k a year.

Discover your borrowing power with NO credit checks, only takes a few minutes!

Can I Get a Mortgage on £20k a Year in the UK?

Thinking ahead? Understand your mortgage affordability now.

It is absolutely possible to get a mortgage on £20k a year.

Discover your borrowing power with NO credit checks, only takes a few minutes!

1 mins

Updated: September 4th, 2025

Contents

1 mins

Updated: September 4th, 2025

In this article

 

Very few lenders have a minimum amount of income to qualify for a mortgage and will typically permit anywhere between 4 to 5 times your annual income. However, many will also run an affordability check so they do have to take into consideration your day-to-day cost of living each month when making their assessment of how much mortgage you can afford. This assessment can for some, reduce the level of income multiple permitted.

With the current level of house prices, it can seem a non-starter when your affordability is calculated. Whilst there is no magic solution for everyone, if you are earning £20,000 and finding that the amount you can borrow is making home ownership look out of your grasp, there may be some possible options for you to consider that may assist.  Some of these are:

Shared Ownership

Purchasing a share of a property with the possible option to purchase more in the future should income and affordability permit.
Joint Borrower Sole Proprietor: working similar to a guarantor where someone else’s income can be used in regard to affordability but they do not have any legal ownership of the property.

Deposit Unlock Scheme

A scheme more designed to help those with a deposit of 5% rather than assisting in regard to affordability but one still worth mentioning.
Gifted deposit – assistance may be available to you in relation to the amount of deposit you have such as a gift from a family member. For those providing the gift, they may look into options such as Equity Release.

About the author

Author's Avatar

Carl Shave: CEO and co-founder

Carl Shave has been involved in the mortgage & finance industry since leaving education and is one of the co-founders of Just Mortgage Brokers. He has written guest posts and provided journalist comments for companies such as The Times, FT Adviser, Mortgage Strategy, Mortgage Solutions and others, demonstrating his extensive industry knowledge.

Qualifications:
Certificate in Mortgage Advice and Practice (CEMAP): Year Attained: 2001

Author's Avatar

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