How Much Can I Borrow?

Use our calculator to get an estimate of how much you could borrow for a mortgage based on your income and financial situation.

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Mortgage Borrowing Calculator

Enter your details below to estimate how much you could borrow

Application Details

Income Details

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Your Mortgage Estimate

Based on the information provided, you could potentially borrow:

£0
Maximum Mortgage: £0
Combined Annual Income: £0
Application Type: Single
Number of Applicants: 1
Income Breakdown: -

Understanding Mortgage Affordability

How Lenders Calculate Affordability

Mortgage lenders typically use income multiples as a starting point when determining how much you can borrow. Most lenders offer between 4 and 4.5 times your annual income, though this can vary.

However, income is just one factor. Lenders also consider:

  • Your credit history and score
  • Existing debts and financial commitments
  • Your regular spending habits
  • The size of your deposit
  • Your employment status and job security

Affordability Stress Tests

Lenders will also conduct "stress tests" to ensure you could still afford your mortgage payments if interest rates were to rise. This is why the amount you can actually borrow might be lower than a simple income multiple calculation.

The Importance of Deposits

A larger deposit not only reduces the amount you need to borrow but can also give you access to better interest rates. Aim for at least 10-15% of the property value, though 5% deposits are available for some buyers.

Why Use a Mortgage Adviser?

While our calculator gives you a rough estimate, a mortgage adviser can:

  • Provide a more accurate assessment of your borrowing potential
  • Access exclusive mortgage deals not available directly to consumers
  • Help you navigate complex mortgage criteria, especially if you have unique circumstances
  • Save you time by handling paperwork and liaising with lenders
  • Offer personalised advice based on your specific financial situation and goals

Frequently asked questions

Get answers to common questions about buying your first home and securing a mortgage.
How accurate is this mortgage calculator?
This calculator provides an estimate based on typical lending criteria. The actual amount you can borrow will depend on the specific lender's criteria, your credit history, and a detailed assessment of your financial situation. For a more accurate figure, we recommend speaking with one of our mortgage advisers.
What income is taken into account when applying for a mortgage?
Lenders typically consider your basic salary, plus potentially some or all of: regular overtime, bonuses, commission, investment income, rental income, and certain benefits. Each lender has different criteria for what percentage of variable income they'll include in their calculations.
How does my credit score affect how much I can borrow?
Your credit score is a significant factor in mortgage applications. A higher score can give you access to better rates and potentially higher loan amounts. A lower score might limit your options or result in lower borrowing amounts. Some lenders specialise in mortgages for those with less-than-perfect credit histories.
Do lenders take my existing debts into account?
Yes, lenders will consider your existing financial commitments such as loans, credit cards, car finance, and other regular payments when assessing how much you can afford to borrow. These commitments reduce your disposable income and therefore can lower the amount a lender is willing to offer.
How does being self-employed affect my mortgage application?
Self-employed applicants typically need to provide more documentation to prove their income, such as 2-3 years of accounts or tax returns. Some lenders may apply slightly stricter criteria or lower income multiples for self-employed applicants, but many specialist lenders offer competitive products specifically designed for the self-employed.
What deposit will I need for a mortgage?
Most lenders require a minimum deposit of 5-10% of the property value, with better rates available at 15%, 20%, and 25% deposit levels. First-time buyers might have access to schemes requiring lower deposits. The larger your deposit, the lower your loan-to-value ratio, which typically results in better interest rates.

Still have questions about how much you could borrow?

Speak to an Adviser