Mortgage calculator

Use our mortgage calculator and 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.

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, including outstanding loans, credit cards or debts.

Annual Salary

Please use your annual salary before tax.

Deposit

You typically need a minimum deposit of 5% to get a mortgage.

Find out more about the fees you may need to pay.
You could borrow up to

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.

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*Mortgage calculator UK - find out how much you can borrow

Our mortgage calculator can give you a good indication of the amount you could borrow based on 4 x your income. But, ultimately, it’s down to the individual lender to decide. 

As part of an affordability assessment, lenders will check your credit report to see how you’ve managed debt in the past. It’s a good idea to check your credit report and get it into shape at least six months before you apply for a mortgage.

The size of your deposit makes a difference too. The larger your deposit, the more equity you’ll have in the property and the more likely you are to get a better rate of interest. 

If you can get an agreement in principle (AIP) from your chosen lender, it will give you an indication of how much they’re prepared to lend you. And while it’s not a guaranteed mortgage offer, it’s a helpful way of showing sellers you can afford to buy and are serious about doing so.

How much can I afford to borrow?

When getting a mortgage, you’ll need to look at how monthly payments will affect your budget and what you can afford to pay comfortably. Our mortgage calculator can help by showing you what your monthly payments would be for particular rates of interest, based on the value of the property and the size of your deposit.

You can adjust the interest rate, and also change the deposit amount in our mortgage calculator, to see what difference saving for a larger deposit could make.

When working out how much you could afford to borrow, don’t forget mortgage fees and possibly stamp duty, as well as the impact of potential life changes. If you add to your family, for example, or change jobs, would you still be able to afford your mortgage repayments?

It’s better to borrow an amount you can confidently pay back, than overstretch and find yourself struggling further down the line.

How do lenders assess affordability?

Generally, mortgage lenders will look at:

  • How much you want to borrow
  • Your deposit
  • Your employment status
  • Income and outgoings
  • Any existing debts
  • Your credit report 

When looking at your credit report, it’s not just your overall score that potential mortgage lenders consider. They’ll also look in detail at: 

  • Any other recent loan or credit applications
  • How much of your income is used to pay debts.
  • Your credit utilisation ratio – this shows how much of the credit available to you is already being used.
  • Your payment history
  • Your credit history 

Lenders may also look to “stress test” your ability to pay. For example, if you have a two-year fixed mortgage with a low introductory rate, how well could you afford to pay when the mortgage returns to its usual standard variable rate?

How much deposit do I need for a mortgage?

In an ideal world, as much as possible. A larger deposit means you’ll need to borrow less, so you’re likely to pay less interest overall. Mortgage lenders will consider your loan-to-value ratio (LTV) – the amount you’re borrowing compared to the overall cost of the loan. Typically, the higher your deposit, the lower your LTV and the rate of interest you’ll be charged. 

Some lenders have different rates for 100% mortgages, 95% mortgages, 90%, 85%, 80% and so on. It’s worth seeing if increasing your deposit, even by a few thousand pounds, could help you move down to a lower band and get a cheaper interest rate.

How much can I borrow if I’m self-employed?

This will vary among lenders. When using our mortgage calculator, aim to get as close to what you think your annual salary would be.

It might also be helpful to use a mortgage broker. Brokers are more likely to know what kind of calculations mortgage providers make, and which ones are more willing to lend to self-employed people. 

Get more information about self-employed mortgages.

What our expert says...

“Whether you’re a first-time buyer or are looking to upsize, our mortgage calculator can give you a good indication of what you may be able to borrow. You can adjust the deposit amount, mortgage term and rate of interest to see how the differences could affect potential mortgage payments.  

Just be aware that lenders have tightened their affordability criteria in recent years. While our calculator offers a ballpark figure on what you might pay for a mortgage, the actual amount will depend on your chosen lender and their assessment of your financial situation.”

- Daniel Evans, Mortgages expert

Frequently asked questions

Do mortgage calculators require a credit check?

No, our mortgage calculator simply uses the information you enter to calculate how much you might be eligible to borrow. You won’t even have 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.

How much can I borrow if I have bad credit?

If you have bad credit, you may need to use a specialist lender who could cap the amount of money they’re willing to lend you to 70-80% of the property value. They may also ask for a larger deposit and charge a higher rate of interest than someone with a good credit rating.

A mortgage broker could help, as they’ll be familiar with lenders who are willing to offer bad credit mortgages. Ideally, do what you can to improve your credit rating before you apply for a mortgage.

How are mortgage repayments calculated?

Monthly repayments on a repayment mortgage are calculated based on the outstanding mortgage amount, the interest rate that applies at the time of repayment and the length of the mortgage term.

As you pay off your mortgage, part of each monthly repayment covers the monthly interest owed on the mortgage balance and part goes towards reducing the mortgage debt. The outstanding mortgage balance will reduce each year, but your monthly payment will always be based on the interest rate that applies to your mortgage at the time of repayment. So if you have a fixed-rate mortgage, you’ll pay a fixed amount each month. If you have a variable-rate mortgage, your repayments will fluctuate.

Should I take the maximum I can borrow?

It’s wise to only borrow an amount you feel comfortable with, as failing to meet your mortgage payments could result in hefty penalties or even having your home repossessed.

When deciding how much to borrow, it also makes sense to consider how your circumstances might change in the future. For example, starting a family, redundancy, a career break or one less income could affect your ability to cover your mortgage repayments.

How can I drop an LTV band?

You can drop an LTV band by increasing the amount of your deposit, either by saving more or through buying a cheaper property. LTV bands are often split into increments of 5% and you qualify for a different mortgage rate within each band.