I Earn £70k - What Home Can I Realistically Afford?

If you earn around £70,000 a year, you’re doing very well financially by UK standards.

But even on a strong income, rising house prices, larger deposits, and stricter mortgage checks can still leave you asking:

“What home can I actually afford?”

The reassuring news?

You’re likely in a much stronger position than you think - and depending on whether you buy traditionally or explore rent-to-own, your options could be significantly wider than expected.

Let’s break down what a £70k salary means in real terms, how lenders calculate affordability, and how rent-to-own models can help you access higher-value homes sooner - even without a deposit upfront.

1. How Lenders Calculate What You Can Borrow

Most mortgage lenders use a straightforward income multiple:

You can typically borrow 4.0x – 4.5x your annual income

(With some lenders willing to go higher in the right circumstances, subject to affordability checks.)

On a £70,000 salary, this gives you a borrowing range of:

£280,000 - £315,000 mortgage potential

That’s as a solo buyer.

If you’re buying with a partner, your combined affordability could rise considerably - but we’ll keep this example simple and focus on a single £70k income.

2. How Much Deposit You’d Need

For a standard first-time buyer mortgage, most lenders require 5%–15% of the property value as a deposit.

Here’s what that looks like in practice:

This is where many higher earners still hit a wall.

Even on £70k, saving £30k-£50k while paying rent, covering living costs, and maintaining a lifestyle can take years.

That’s why many people earning £65k–£80k start exploring alternatives like private rent-to-own.

3. The Deposit Challenge (Even on £70k)

A higher salary doesn’t always mean spare cash.

Rent, travel, student loans, childcare, and everyday living costs can make it incredibly difficult to build a large lump-sum deposit - especially in London.

This is where rent-to-own changes the equation.

Keyzy Rent-to-own deposit comparison

Instead of saving separately, your rent works towards ownership.

4. How Rent-to-Own Works

With rent-to-own, you:

• Move into the home you want to buy immediately
• Rent it for a fixed period (2 years, with no rental increases)
• Have up to 100% of your rent converted into a deposit
• Lock in a future purchase price upfront
• Choose whether to buy at the end - no obligation

There’s no upfront deposit, no sudden rent increases, and no pressure to commit before you’re ready.

It’s a powerful option for high earners who want flexibility without putting homeownership on hold.

5. Real Example: What You Could Afford on £70k With Rent-to-Own

Let’s look at a realistic scenario:

Salary: £70,000

Location: West London

Home type: Modern 1-bed apartment

Deposit required: £0

Monthly rent: £1,700 pcm

Potential home value: £388,200

Rent credited back after 2 years: £40,800

Outcome:

You move into a higher-value home today, build a meaningful deposit through rent, and buy in just two years - without needing to save tens of thousands upfront.

6. The Bottom Line: £70k Gives You Real Choice

If you earn £70,000, you’re in a genuinely strong position to become a homeowner.

• A traditional mortgage offers solid buying power - if you have the deposit
• Rent-to-own opens the door to higher-value homes sooner, with flexibility and predictability

Rent-to-own is ideal if you’re:

• Earning well but struggling to save a large deposit
• Recently moved to the UK or self-employed
• Facing strict mortgage eligibility
• Needing more flexible criteria than traditional lenders
• Wanting certainty on future purchase price
• Not ready to commit without living in the home first
• Want to stop “dead rent” and build equity instead

Homeownership isn’t about income alone.

It’s about choosing the route that works for your situation right now.

Visit keyzy.com to find out more about private rent-to-own.