On a £30,000 salary, you can typically afford a £120,000-£150,000 house depending on your deposit.
How Much Can You Borrow?
| Lending Multiple | Max Mortgage | With 10% Deposit |
|---|---|---|
| 4.0x | £120,000 | £133,333 house |
| 4.5x | £135,000 | £150,000 house |
| 5.0x (select lenders) | £150,000 | £166,667 house |
Monthly Mortgage Payments
On a £120,000 mortgage at current rates:
| Rate | 25-Year Term | 30-Year Term |
|---|---|---|
| 4.5% | £667 | £608 |
| 5.0% | £702 | £644 |
| 5.5% | £737 | £681 |
Affordability Check
Your monthly take-home on £30,000: ~£2,028
| Expense | Amount | % of Take-Home |
|---|---|---|
| Mortgage (5%, 25yr) | £702 | 35% |
| Council Tax | £130 | 6% |
| Utilities | £150 | 7% |
| Housing total | £982 | 48% |
This leaves £1,046/month for other expenses.
Deposit Requirements
| House Price | 5% Deposit | 10% Deposit |
|---|---|---|
| £120,000 | £6,000 | £12,000 |
| £135,000 | £6,750 | £13,500 |
| £150,000 | £7,500 | £15,000 |
Where Can You Buy?
Average house prices around £120,000-£150,000 (2024 data):
| Region | Avg Price | Affordable? |
|---|---|---|
| North East | £155,000 | ✓ |
| Yorkshire | £192,000 | Edge |
| North West | £197,000 | Difficult |
| Wales | £205,000 | Difficult |
| Midlands | £230,000 | ✗ |
| South | £300,000+ | ✗ |
Best options: County Durham, Hartlepool, Burnley, parts of Yorkshire.
Boosting Your Budget
Joint Purchase
| Combined Salary | Max Mortgage (4.5x) | Max Property |
|---|---|---|
| £30K + £20K | £225,000 | £250,000 |
| £30K + £30K | £270,000 | £300,000 |
| £30K + £40K | £315,000 | £350,000 |
Government Schemes
- Shared Ownership: Buy 25-75% of property
- Lifetime ISA: £1,000/year bonus toward deposit
- First Homes: 30-50% discount on new builds
Stamp Duty at This Level
First-time buyers pay £0 stamp duty on properties up to £425,000.
| House Price | FTB Stamp Duty | Home Mover |
|---|---|---|
| £120,000 | £0 | £0 |
| £135,000 | £0 | £200 |
| £150,000 | £0 | £500 |
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