Mortgage on 120k salary UK

A simple planning shortcut is to think in terms of cautious and standard income multiples. On £120,000, that often lands somewhere around £480,000 to £540,000 before lender-specific affordability checks pull the number up or down.

That range is more useful when paired with a realistic deposit. A buyer arriving with a 15% to 20% deposit and low monthly commitments usually has more room to work with than someone stretching both the borrowing amount and the monthly payment at the same time.

• A cautious planning range near £480,000 leaves more room for bills and rate stress.
• A standard planning range near £540,000 may be possible, but usually needs a cleaner budget profile.
• The same salary can support very different purchase prices depending on deposit size.

Many buyers anchor on the salary multiple and forget that lenders also test regular spending. Credit cards, loans, childcare, and travel costs can all reduce what feels available on paper.

Term length, fixed rate choice, and whether you are buying alone or jointly also matter. That is why a calculator that includes deposit, rate, and monthly commitments is more useful than relying on a headline multiplier alone.

• Debt repayments and committed spending can reduce the range materially.
• A longer term may improve the monthly payment, but increases total interest.
• A stronger deposit can make the same salary feel more workable.

Run your own case through the affordability calculator with your actual salary, likely deposit, and any committed monthly costs. That gives you a more useful answer than asking whether £120,000 is "enough" in the abstract.

If the monthly payment only works in the most optimistic version of the scenario, the safer move is usually to lower the property target, improve the deposit, or test a more comfortable range first.