How Much Can I Borrow for a Mortgage?

Get an instant estimate of how much you could borrow to buy a home using our mortgage calculator. Add your details below to get started, or read on to learn more about mortgage affordability.

Brean Horne Last updated on 08 June 2022.

Mortgage borrowing calculator

Use our mortgage calculator to discover how much you could borrow to buy a house based on your income. Simply adjust the sliders below to enter your details and get a mortgage estimate within minutes.

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 compare mortgages easily within minutes. Speaking to a mortgage adviser may help you access a wider range of deals.

About the author:

Brean is a personal finance writer at NerdWallet. She covers a range of financial topics and has written for consumer titles including Which?, Moneywise and The Motley Fool. Read more

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