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Mortgage borrowing calculator
Use our mortgage calculator to discover how much you could potentially borrow to buy a house based on your income. Simply share details of your income – and your partner’s if applicable below – and get a mortgage estimate within minutes.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it
What is a mortgage borrowing calculator?
A mortgage affordability calculator estimates how much a lender might lend you to buy a house, based on your income and the income of anyone else you are buying a home with if you are applying for a joint mortgage. However, it’s important to remember that a mortgage borrowing calculator only gives a rough estimate. A lender will also take into consideration how much deposit you have and your monthly outgoings when deciding how much you can borrow for a mortgage.
What information do I need for a mortgage borrowing calculator?
To use our mortgage affordability calculator, we’ll need to know your income. If you plan on applying for a joint mortgage, we’ll also need the income of the other person you’re buying with.
How many times my salary can I borrow for a mortgage?
Typically you can borrow up to 4.5 times your income for a mortgage. But this will vary depending on the lender and the type of mortgage. For instance, some deals offer 5.5 times your income or more if you earn above a certain income level or hold a specific job role. Speaking to an independent mortgage adviser could help you find mortgage deals that allow you to borrow more against your salary.
How do mortgage providers work out how much I can borrow?
Lenders have set rules for calculating how much mortgage you can afford to borrow. While this may vary slightly between mortgage providers, most will factor in these details:
- Income: Any wages, pensions, investments, bonuses, commission, benefits or maintenance payments that you receive.
- Expenses: Essential expenses, such as food, travel and childcare, and non-essential spending, such as holidays and leisure activities.
- Debt: Existing credit agreements, such as credit cards, overdrafts or loans.
- Deposit: How much you have saved to put down as a lump sum as your mortgage deposit.
- Employment status: Whether you are employed full-time, part-time, self-employed, unemployed, or retired.
- Credit history: Including your credit score and whether you have declared bankruptcy, have any county court judgments (CCJs) or individual voluntary arrangements (IVAs).
Where can I find the best mortgage deals?
You can find the best mortgage deals by shopping around. Price comparison sites can help you find and compare mortgages and mortgage rates easily within minutes. Speaking to a mortgage adviser may help you access a wider range of deals.
» MORE: Best mortgage lenders
Useful links
- Mortgage calculators
- Buy to let mortgage calculator
- Mortgage interest rate calculator
- Mortgage overpayment calculator
- Mortgage repayment calculator
- Stamp duty calculator
Dive even deeper
UK House Prices April 2024
House prices are changing all the time. So whether you’re moving home or buying for the first time, it’s a smart move to keep on top of the latest UK house price data, trends and housing market forecasts.
How to Remortgage to Consolidate Debt
Remortgaging to consolidate debt involves borrowing more on your mortgage to pay off other debts. This can make it easier to manage debt and could help lower your combined monthly debt repayments. However, more debt is secured against your home and you could end up paying more interest overall.
How to Remortgage to Pay for Home Improvements
Remortgaging to pay for home improvements or an extension may be an option if you have sufficient equity in your property and can prove to your lender a larger mortgage is affordable. Your income, outgoings and job status are some of the factors typically looked at when deciding whether you can afford a mortgage.