Workers earning around £30,000 a year could potentially borrow up to £165,000 towards their first home as lenders look for ways to stretch affordability.
Chefs, farm workers, estate agents, postal workers and roofers are among occupations where median earnings could qualify borrowers for enhanced income multiples, according to analysis by Leeds Building Society.
The lender has used Office for National Statistics earnings data to identify occupations paying at or above the £30,000 minimum income required for a single applicant to access its Income Plus mortgage range.
Eligible borrowers could potentially access up to 5.5 times their income, subject to affordability and other lending criteria.
FIRST-TIME BUYERS
The analysis puts median earnings for chefs at £30,010, farm workers at £30,101 and bank clerks at £30,265.
Estate agents themselves make the list, with median earnings of £30,648, while forklift truck drivers earn £31,279, postal workers £31,677, roofers £31,906 and graphic designers £32,510.
The figures highlight how changes in mortgage criteria can alter the potential purchasing power of first-time buyers who may previously have assumed their salary ruled them out of homeownership.
However, the amount a buyer can borrow does not determine whether they can afford a property in their local market, with deposits, house prices and individual affordability assessments remaining significant factors.
AFFORDABILITY BARRIERS
Martese Carton (main picture, inset), Director of Mortgage Distribution at Leeds Building Society, says: “We know some prospective buyers automatically assume homeownership is out of reach because of their income level, and equally some advisers may not realise the options available to those clients.
“Income Plus demonstrates that the door isn’t necessarily closed to borrowers earning around £30,000. For customers who can demonstrate affordability, there may be greater borrowing potential available than they expect.”
The analysis comes as affordability remains a major constraint for first-time buyers, particularly in higher-priced parts of the country.
Carton adds: “As a mutual, we’re committed to finding responsible ways to help more people into homeownership.”
