How much can you borrow with a mortgage if you have one of the highest paid jobs in the UK?

The amount people can borrow for a mortgage varies depending on their earnings, their monthly credit commitments and sometimes their profession.

According to the analysis of official ONS data by SavetheStudent, Chief Executives, Senior-level Managers, and IT Directors are perhaps unsurprisingly the highest-paid jobs in the UK.  

Marketing, Sales and Advertising Directors, Doctors, Headteachers and Airline Pilots are among the top 10 earners.

While it is tough to determine what the highest-paid jobs are definitively. It is possible to indicate how much they can borrow for mortgages using average salary income.  

These are the best-paid jobs in the UK, according to SavetheStudent. But how much can they borrow for a mortgage?

1) How much can Chief Executives and Senior Officials borrow for a mortgage? - Their average salary is £79,935.

Getting Chief Executives a mortgage or Senior Officials on higher salaries a mortgage should be straightforward in theory, providing they do not have debts or they are stretching themselves to buy some too big. 

Many of the chief executives and senior officials we have arranged mortgages qualify for the highest income multiple, which is 5.5 times their salary. Chief Executives can borrow around £440,000 on average with a mortgage. If a partner goes on the application, they should be able to borrow 5.5 times joint income.

In reality, many people running companies can borrow a lot more, and there is a wide choice of lenders offering £1 million+ mortgages.

Many higher-earning borrowers get bonuses or income from multiple sources. Our brokers can use this income, too, so they can secure a larger mortgage.

2) How much can Marketing, Sales and Advertising Directors borrow for a mortgage? - Their average income is £77,695.

Most banks and building societies will provide Marketing, Sales and Advertising Directors with between 4.75 times their salary and 5.5 times their salary mortgages.

Marketing, Sales and Advertising Directors should be able to borrow, on average, £427,300 with a mortgage. A partner's income on the application will increase the loan size. 

3) How much can IT Directors borrow for a mortgage? - Their average income is £73,571. 

Getting a mortgage for employed IT Directors earning good salaries means they can borrow between five and 5.5 times their salary. 

IT Directors can borrow around £367,000 on average with a mortgage. Another income on the mortgage application will boost the maximum loan size.

We can also help limited company directors with more than 25% shareholding or less than 25%, where income is derived from dividends. Lenders will need the latest full month's personal bank statement and the latest full month's business bank statement. They will also need to provide their SA302s. 

4) How much can Specialist Medical Practitioners like Doctors borrow for a mortgage? - Their average income is £77,695.

Banks and building societies are keen to provide mortgages to medical professionals like doctors and dentists.

Many lenders offer specific mortgages offering 5.5 times salary mortgages to qualified and practising medical professionals. They will need to be registered with the General Medical Council or General Dental Council.  

Doctors can borrow around £427,322 on average with a mortgage. A partner's salary will boost the loan size.

5) How much can Headteachers and Principals borrow for a mortgage? - Their average income is £66,686.

Most Headteachers and Principles are likely to be employed so that they can borrow around five times their salary like other borrowers. 

Some lenders provide more generous income multiples for teachers so they can borrow more money.  

Headteachers and Principles can borrow around £333,430 on average with a mortgage. A partner's salary will boost the loan size.

6) How much can Public Relations and Communications Directors borrow for a mortgage? – Their average income is £66,510

This means PR and Communications Directors can borrow around £332,500 on average with a mortgage. A partner's salary will boost the loan size.

7) How much can Financial Managers and Financial Directors borrow for a mortgage? – Their average income is £64,193.

Many professionals working in the financial sector are employed, although some are self-employed or running a limited company.  Our experts can help both types of borrowers secure a mortgage. 

Financial Managers and Financial Directors can borrow around £324,565 on average with a mortgage. A partner's salary will boost the loan size.

Many finance professionals will earn over the £75,000 requirements manager lenders have to qualify for income stretch mortgages. 

8) How much can Aircraft Pilots and Air Traffic Controllers borrow for a mortgage? Their average salary is £62,778.

On average, aircraft Pilots and Air Traffic Controllers can borrow around £313,890 with a mortgage. A partner's salary will boost the loan size. 

9) How much can Functional Managers and Directors borrow for a mortgage – Their average income is £61,139.

This means Functional Managers and Directors borrow around £305,695 on average with a mortgage. A partner's salary will boost the loan size. 

10) How much can Senior Police Officers borrow for a mortgage – Their average income is £59,141.

Senior Police Officers can borrow around £295,705 on average with a mortgage. A partner's salary will boost the loan size. 

As police officers are typically employed, they will be asked to provide payslips and bank statements as part of the mortgage application.

How much of a deposit with the top income earners need for a mortgage? 

Banks and building societies require borrowers to have a deposit of a least five per cent to qualify for a mortgage. They need at least a 30 per cent deposit to be eligible for the most competitively priced rates.

Skipton for Intermediares recently launched a 100% mortgage targeting renters struggling to get on the property ladder.

What about mortgage affordability? 

Aaron Strutt, product director at Trinity Financial, says: "Mortgage lenders use affordability calculators to determine how much you can borrow.

"Banks and building societies reduce the mortgage amount if you credit cards, loans, or cars on finance. They also tend to lower the mortgage amount if you own other residential properties or have children in private school."

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

Source of average income: ONS data reviewed by SavetheStudent

The information contained within was correct at the time of publication but is subject to change

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