Afford a £700k House: How to Buy When Your Salary Isn’t Seven Figures

Buying a £700k house, a property that typically requires an income of £140,000+ to qualify for a standard mortgage sounds impossible if you’re earning under £100k. But here’s the truth: you don’t always need to buy it all at once. Many people in the UK are quietly becoming homeowners of £700k properties through shared ownership, a government-backed scheme where you buy a portion of the home and pay rent on the rest. It’s not a loophole—it’s a structured path used by over 150,000 households across England and Wales to get on the ladder.

How does it work? Let’s say you earn £70,000 a year. You can’t stretch to a full £700k mortgage, but you might qualify to buy 25% or 50% of a £700k home with a smaller deposit and lower monthly payments. The rest? You pay rent to the housing association. Over time, you can buy more shares—this is called staircasing, the process of increasing your ownership stake in a shared ownership property. Each time you staircase, your rent goes down. Eventually, you can own 100%—no rent, just a mortgage. And you don’t need to be rich to start. Many first-time buyers begin with just £10,000–£20,000 saved.

But shared ownership isn’t the only way. Lenders now look at your full financial picture—not just salary. If you have side income, bonuses, or a stable job in public service or healthcare, you might qualify for higher borrowing limits. Some local councils even offer down payment grants for homes in certain areas. And if you’re thinking of buying with a partner, joint applications can double your borrowing power. The key is knowing the rules: income multiples, debt-to-income ratios, and how lenders treat shared ownership leases.

There are downsides, though. Shared ownership homes are usually leasehold, meaning you pay service charges and can’t make big changes without permission. You also pay rent on the part you don’t own—so your total monthly cost might be higher than you expect. But for many, it’s still cheaper than renting a similar property in London, Manchester, or Bristol. And if you plan to stay put for five years or more, staircasing can turn your initial investment into real equity.

Below, you’ll find real guides that break down exactly how much house you can afford on a £70k salary, how shared ownership shares work, what happens when you staircase, and why some buyers end up stuck in the middle. These aren’t theory pieces—they’re step-by-step breakdowns from people who’ve done it. Whether you’re wondering if you can ever own a £700k home, or you’re already looking at shared ownership listings, you’ll find the practical answers here—no fluff, no hype, just what actually works in the UK market today.