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How Much Can I Borrow for a Mortgage?
Get an estimate of how much you could borrow for a mortgage using our mortgage borrowing calculator.
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How much could you borrow mortgage calculator
Use our mortgage calculator to find out how much you may be allowed to borrow through a mortgage to buy a house. Share details of your income – and your partner’s, if applicable – to get an estimate of the mortgage you may be able to afford.
What mortgage could I get?
Find out how much you could borrow. This may depend on a variety of things including: the deposit you can put down or outstanding financial commitments you may have (including credit cards or loans).
Based on the information you have given us:
You might be able to borrow between: and
This information is an estimate and relies on certain assumptions. It is only intended as a general guide. Please ensure that you carefully check quotes with lenders or brokers before proceeding with any financial product.
What affects how much mortgage you can borrow?
The main factors lenders usually consider when working out the mortgage you can get are your:
- Income – this could include money you receive from wages, pensions, investments, bonuses, commission, rental income, benefits or maintenance payments.
- Outgoings – this will cover essential expenses, such as food, energy bills, travel and childcare, but also maybe spending on things such as clothes, holidays and leisure activities.
- Debts – the payments you make on existing credit agreements, such as credit cards, overdrafts or loans.
- Deposit – a bigger deposit can often make it easier to get the mortgage you need.
- Employment status – whether you are employed full-time, part-time, self-employed, unemployed or retired.
- Credit history – this includes your credit score, which lenders use to get an idea of how good you are at managing your finances.
- Future – this involves judging whether you can still afford your mortgage in various circumstances, such as losing your job, interest rate rises, or having children.
» MORE: All about mortgage eligibility
How much mortgage can I borrow based on salary?
Typically you may be able to borrow somewhere between 4.5 and 5.5 times your salary for a mortgage. However, this can vary depending on the lender, and you’ll also need to pass the affordability checks. Some lenders may allow bigger salary multipliers if you work in a certain profession.
What salary do I need for a £100k mortgage in the UK?
With a lender which offers mortgages based on 4.5 times your income, you would need a salary of around £23,000 to get a £100,000 mortgage.
What mortgage can I get with a £40k salary in the UK?
You may be able to get a £180,000 mortgage if you earn a £40,000 salary and find a lender willing to lend 4.5 times your income. However, some lenders offer higher multiples.
How much will a mortgage lender lend me?
Getting a mortgage in principle from a lender will give you an idea of how much they may be willing to lend you. This isn’t a promise that you’ll be offered a mortgage or the amount it suggests, but it’s a good check to make before starting a full mortgage application.
» MORE: Best mortgage lenders
How can I get a bigger mortgage?
Some of the main ways to try to get a bigger mortgage include improving your credit score and making sure your net income, which lenders look at when working out the mortgage you can afford, is as high as it can be. Cutting back where you can to lower your outgoings and paying off existing debts may both help.
Having a bigger deposit may also help get a larger mortgage. You may have family or friends who are willing to help you out with a lump sum or support you in getting a guarantor mortgage. Alternatively, the combined buying power of getting a joint mortgage with someone else may also allow you to borrow more. Choosing to pay off your mortgage over a longer mortgage term could help too, though this does mean you’ll end up paying more in interest overall.
» MORE: Getting help saving a mortgage deposit
What mortgage deposit do I need?
The smallest deposit usually needed is 5% of the property you’re buying, as this means you can then start looking at 95% loan-to-value mortgages. However, because mortgage rates tend to be lower if you can put down a larger deposit, it’s often worth saving as much as possible.
If you’re struggling saving a deposit of any kind, a handful of no deposit 100% mortgages are available, but you’ll usually need a relative or friend to be your guarantor.
» MORE: How much deposit do you need for a mortgage?
Useful links
- Mortgage calculators
- Buy to let mortgage calculator
- Mortgage interest rate calculator
- Mortgage overpayment calculator
- Mortgage repayment calculator
Dive even deeper
What Credit Score Do You Need for a Mortgage?
by Sam Bromley
Should I Get a Fixed or Variable Mortgage?
