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Mortgage calculator


Use our mortgage calculator to quickly work out how much you could afford to buy your next home. With just a few simple details, we can show you how much you could be eligible to borrow, as well as breaking down your monthly repayments.

Our mortgage calculator also lets you quickly play around with different options, whether that’s extending or shortening the mortgage term length, as well as adjusting the interest rate in line with mortgages you may be eligible for.

Your home or property may be repossessed if you do not keep up repayments on a mortgage.
1

How much can I borrow?

The amount you could borrow will largely depend on your income. However, mortgage lenders will also consider any financial commitments you may have, such as outstanding loans, credit cards or debts.

Please use your annual salary before tax.

You typically need a minimum deposit of 5% to get a mortgage. The bigger the deposit, the smaller the loan to value ratio. The smaller the loan to value ratio, the better the mortgage rates you may be eligible for.

Find out more about the fees you may need to pay.
You could borrow up to
Please enter your income details

Borrowing amount

£0

Deposit amount

£0

Based on your salary and deposit, you could buy a property up to
£0
How is this calculated?

Next step

Based on how much you can borrow for your mortgage, let’s find out what your monthly repayments could be.

2

How much will I pay?**

The larger your deposit, the better the mortgage rate you may be offered and the lower your monthly repayments may be.

Based on your salary and deposit, we estimate you could buy a property valued up to:

A typical mortgage length is 25 years. The longer your term, the less you may pay each month, but you’ll end up paying more in interest.

The bigger your deposit, the better the interest rate you’re likely to be offered. You can also expect better rates for shorter fixed terms.

Your monthly payments could be:

£0

Need mortgage advice?

We’ve partnered with London & Country Mortgages Ltd. (L&C) to provide you with fee-free mortgage advice. Get in touch with one of their advisers here.

Go to L&C mortgages

**The borrowing amount we display is based on 4x income. Some lenders will use multipliers slightly lower or higher than this but we believe this represents a mid-point to give you a good indication of how much you may be able to borrow. In practice, lenders will base the maximum borrowing amount on an affordability assessment which takes into account your outgoings and committed expenditure. This may give a lower maximum loan amount.

Frequently asked questions

Do mortgage calculators require a credit check?

No, our mortgage calculator simply uses the information you enter (salary, income, deposit etc.) to calculate how much you may be eligible to borrow, along with the value of a home you could afford. You won’t even be required to enter your name.

Only when you apply for a mortgage will you undergo a full credit check, which will be marked on your file and potentially impact your credit score.

How are mortgage repayments calculated?

To calculate a mortgage’s monthly repayment, you’ll need to know the value of the home you’re buying, your deposit, the interest rate and the length of term.
For example:

  • House value - £250,000
  • Deposit - £50,000 (20% of the value of the home)
  • Mortgage amount - £200,000
  • Mortgage term – 30 years
  • Mortgage rate – 2%

If the mortgage rate in this example was fixed for the length of the 30-year term, you’d pay 360 monthly instalments of £739.24. This pays off the £200,000 loan in full, along with a total interest amount of £66,126.

It’s important to remember that, as you begin to pay off your mortgage, the interest owed begins to fall in line with the outstanding amount on your mortgage that’s owed. This means you’ll slowly be charged less in interest as the years go on. During a fixed term however, you’ll be charged a fixed, regular amount.

Year of mortgage Mortgage balance Total interest paid
0 £200,000 £0
5 £174,409 £18,763
10 £146,128 £34,837
15 £114,876 £47,939
20 £80,340 £57,758
25 £42,175 £63,947
30 £0 £66,126

However, this system only works for a fixed term. For a variable rate, or if your rate were to change after agreeing a new mortgage deal, this would be subject to change.

Should I take the maximum I can borrow?

Just because you’re eligible to borrow a certain amount, doesn’t mean you should. It’s purely a judgement call for you, based on your personal financial situation, but you should consider any potential future impacts you may face.

For example, are you a couple buying a house but are planning to have children in the next few years? If so, you should consider the financial impact of one of you taking time off work, working part-time, along with potential nursery fees and other extra costs. If you’re expecting a situation like this, you may want to avoid stretching yourself by borrowing at your absolute limit, as you may later struggle to continue paying off your mortgage comfortably.

You should also consider the event of interest rates rising over the course of your mortgage term. If mortgage rates rose, your monthly repayments would also increase. Therefore, you need to ensure that you’ll still be able to comfortably meet your payments.

Only borrow an amount that you feel comfortable with. It’s your responsibility to meet your repayments. Failure to do so could result in significant penalties, or even having your home repossessed.

How can I drop an LTV band?

LTV is the loan to value ratio between the amount you’re borrowing and the value of the home you’re buying. LTV bands are typically split into increments of 5%, and with each band you qualify for new mortgage rates. This means that, the less you need to borrow against the property, the better your mortgage rate tends to be.

Therefore, if you can increase your deposit amount, or buy a cheaper property in relation to your deposit, you’ll drop into a lower LTV band. With each band you drop, you could receive a better mortgage rate, which will save you hundreds, potentially thousands, over the full term.

Compare affordability in your area

Now you know what mortgage you can afford, you’ll quickly get an idea of whether you can afford to buy in a certain area. Income is one of the things mortgage providers will look at when deciding how much to lend you. You’ll usually only be able to borrow around four times your annual income. With this in mind, we’ve looked at the average salary and average house price per local authority to find the most and least affordable places to buy in the UK.

Based on the ratio of average salary to average house price, the most affordable places to live are Copeland in Western Cumbria, East Ayrshire in Scotland and Barrow-in-Furness, also in Cumbria.

There’s a clear north/south divide when it comes to affordability, with all of the top ten most affordable areas located in the north of the UK, while all of the ten least affordable areas are in the south.

Unsurprisingly, nine of the ten least affordable areas are in London.

The difference in affordability between the most and least affordable place is enormous. In Copeland, the average home costs just 2.6 times the average salary, while in Kensington and Chelsea, the ratio of average home price to average salary is a staggering 42.7.

But are the most affordable areas the most popular?

Up-and-coming locations for homeowners around the UK

Google search data analysis reveals the locations around the UK that saw the biggest increase in searches between 2018 and 2020. Whitby, Dore and the county of Kent saw the biggest surge in interest, followed by Padstow, Ayr and Ilfracombe.

The top 20 locations have one important thing in common: they’re all rural.

Seven are coastal towns, five are countryside villages, and the remaining eight are home counties, perhaps evidence that more and more of us are choosing to swap urban life for more rural settings.

Check out the most up-and-coming locations around the UK based on Google search data from the past two years. Find out the cities where residents have shown the most interest in moving there and compare average house prices to see whether you could afford to buy there yourself.

The average house price in these 20 locations ranges between £132,734 (in Bothwell) and £448,030 (in Surrey), so their affordability depends largely on your income and the size of mortgage you can get.

Let’s take a look now at the cities where people show the most interest in getting a mortgage.

Mortgage interest in the UK

Getting a mortgage is one of life’s great milestones. From 2018 to 2020, there was a 63% increase in Google searches related to getting a mortgage and buying a home.

We’ve delved deeper into these searches to find out where people are most eager to get on or climb the property ladder.

We found that people in Bristol, Reading and Oxford are searching the most for mortgages and buying a home.
Bristol has also seen the second biggest rise in interest since 2018, with 74% more searches in 2020 than two years previously.

It is topped only by Liverpool, where people were searching for mortgages almost twice as much in 2020 than in 2018.

In all but one of the top 15 cities, searches increased by more than 20% from 2018 to 2020, showing that there’s a growing urge to own our own homes.

When we look specifically at searches related to first-time buyers, people in Dundee, Liverpool and Aberdeen showed the biggest increase in interest.

Once their mortgage has been approved and they’ve bought a new home, where are people in the UK is the most proud of their achievements?

The UK’s most positive property owners

Successfully getting a mortgage and getting on the property ladder and is something to celebrate.

We’ve looked at social media data to find out where in the UK people are most positively vocal about their mortgage and buying their home. Have a look at the map below for the results, as well as the top emojis used to celebrate.

Birmingham and Leeds are home to the most vocally proud and passionate homeowners, with more than half of social posts about moving to a new house featuring positive sentiment. They’re closely followed by people in Manchester and Portsmouth.

When it comes to moving into their first home, people in Exeter, Cambridge and London are the most vocal on social media, while those in London and Leicester are the most positive.

Methodology and References

Compare affordability in your area – Calculated by taking the 2020 average house price per local authority and dividing it by the 2019 average salary per local authority to estimate a house price to income ratio.

Up-and-coming locations – 2018-2020 Google search data around buying houses/properties was analysed for different areas across the UK. The 30 most populated cities across the UK were included in the analysis. Search terms were analysed on a city level, ONS population figures were factored into the analysis to draw representative insights. Data from the Land Registry provided the average house price for local areas/counties.

Mortgage interest in the UK – We reviewed mortgage-related Google search data from 2018-2020. The 30 most-populated cities across the UK were included in the analysis. Search terms were analysed on a city-level, ONS population figures were factored into the analysis to draw representative insights.

Positive property owners – 2018-2020 Social media data was analysed using Brandwatch for social posts across the UK around buying a home or moving to a new house. Location segments provided insights for the top 30 most-populated cities across the UK.

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