What house can I afford on a £55,000 salary? What you could borrow, what it costs each month, and where it buys a home.

You could borrow£248k£220k–£303k depending on the lender

Home price, 10% deposit£275k£28k deposit

Monthly payment£1,3855.37% 2-year fix, 30 years

3-bed houses in reach40%of districts in England & Wales

On a £55,000 salary most lenders would lend around £247,500, four and a half times your income. A cautious lender, or one weighing up children and car finance, might stop nearer £220,000; a few go to £302,500 for higher earners.

With a 10% deposit of £27,500 that buys a home for about £275,000, at about £1,385 a month at today's average 2-year fixed rate of 5.37%. If rates were two points higher when you remortgage, it would be about £1,709. As a first-time buyer in England you would pay no stamp duty at this price.

That price buys a typical 3-bedroom house in 889 of 2,219 postcode districts, from 85% of districts in North East to 0% in London.

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What £55,000 buys with different deposits

Deposit	Home price	Deposit	Rate	Monthly	Stamp duty, first home	Cash needed
5%	£261,000	£13,500	5.7%	£1,436	£0	£17,999
10%	£275,000	£27,500	5.37%	£1,385	£0	£31,999
15%	£291,000	£43,500	5.26%	£1,368	£0	£47,999
25%	£330,000	£82,500	5.13%	£1,348	£1,500	£88,499

Mortgage of £247,500 (4.5 × income) over 30 years at the Bank of England's average 2-year fixed rate for that loan-to-value (Sep 2026). Stamp duty for a first-time buyer in England (April 2025 (England) and October 2022 (Wales)); cash needed adds the deposit, stamp duty and typical fees (solicitor, survey, mortgage fee, removals).

Where £275k buys a 3-bedroom house

Birminghamtypical 3-bed £256k Nottinghamtypical 3-bed £247k Liverpooltypical 3-bed £226k Sheffieldtypical 3-bed £244k Leicestertypical 3-bed £274k Stoke-On-Trenttypical 3-bed £195k Newcastle Upon Tynetypical 3-bed £233k Derbytypical 3-bed £243k Doncastertypical 3-bed £178k Bradfordtypical 3-bed £181k Coventrytypical 3-bed £255k Plymouthtypical 3-bed £264k

Just out of reach: Manchester (£280k), Leeds (£277k), Norwich (£297k), Cardiff (£303k).

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By region

North East

85%

Wales

83%

Yorkshire and the Humber

75%

North West

72%

East Midlands

67%

West Midlands

56%

South West

15%

East of England

14%

South East

London

Share of postcode districts where a typical 3-bedroom house sold for £275,000 or less over the last five years, in today's money.

Questions

How much can I borrow on a £55,000 salary?

Most lenders lend about 4.5 times income, so around £247,500 on £55,000. Cautious lenders, or households with children or other loans, are nearer 4 times (£220,000); some lend up to 5.5 times (£302,500) to higher earners.

Can I get a £280,000 mortgage on £55,000?

Possibly: it is 5.1 times income, which some lenders offer, mostly to higher earners and some professions, if your outgoings are low.

What house price can I afford on £55,000?

With a 10% deposit, about £275,000: a £27,500 deposit plus a £247,500 mortgage. With 5% down it is about £261,000.

What would the monthly payments be?

About £1,385 a month on a £247,500 mortgage over 30 years at 5.37%, the Bank of England's average 2-year fixed rate at 90% loan-to-value (Sep 2026). If rates rose 2 points it would be about £1,709.

Where can I buy a house on £55,000?

A typical 3-bedroom house sells within £275,000 in 889 of 2219 postcode districts in England and Wales (40%), most of all in North East (85% of districts), including Birmingham, Nottingham, Liverpool, Sheffield.

A guide, not mortgage advice: lenders decide on your full circumstances, credit history and outgoings. Rates: Bank of England quoted household interest rates (Sep 2026). Prices: HM Land Registry sales in the last five years matched to the EPC register, in today's money.