How Much can you Borrow
Mortgage Borrowing Calculator
Our mortgage affordability calculator assists you in determining the potential borrowing amount based on your income. In certain cases, opting for a joint mortgage may enhance your borrowing capacity, particularly if both applicants have well-compensated employment. Visit our Joint Mortgages page for additional information
Nevertheless, mortgage affordability is contingent on various factors, including your credit history, monthly expenditures, and deposit. Additionally, it can vary among different lenders.
While our mortgage borrowing calculator provides an estimate of your potential borrowing limit, it's crucial to ensure that you can manage the monthly repayments not only at present but also in the future. For further assistance, feel free to consult with our team for complimentary mortgage advice. They can assess your specific circumstances to offer a more precise understanding of your eligibility for a mortgage loan
How much could I borrow?
Our residential mortgage borrowing calculator will give you an estimate of how much mortgage you can get, although this will vary from lender to lender. Enter your income details below and hit the Calculate button.
If you're looking to borrow money to purchase a property, we strongly advise that you speak to our mortgage advisers to find mortgage deals that match your unique situation.
Mortgage Calculator
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Note. This is not a quotation under the Consumer Credit Act. Figures are subject to validation of income, credit checks and a property valuation.
- Mortgage Borrowing Calculator. Our calculator will estimate your maximum borrowing amount.
- Check Your Credit Score. Checking your credit score with at least one of the free credit reference agencies will show you where you stand and how lenders may view your application. If you have adverse credit events on your credit file this could limit the deals available to you.
- Calculate Your Deposit. The size of your deposit will affect how much you can borrow. With a larger deposit, you’ll reduce your LTV which may mean the lender can offer you a lower interest rate.
- Get Advice. A mortgage broker like Reeds Financial can provide you with a more accurate idea of how much you can borrow and the different mortgage options available. We’ll be able to direct you towards the lender with the best deal for your circumstances.
Got Questions
We Got Answers
Our friendly advisors are always happy to help with your mortgage enquiries, so call us for a no-obligation chat.
How many times your salary can you borrow for a mortgage?
The amount you can borrow will vary between lenders, but - assuming you pass affordability checks - most lenders allow you to borrow up to between 4.5 and 5.5 times your annual salary. That means that if you earn £30,000, you may be able to get a mortgage of around £150,000. Some lenders offer mortgages up to 6 times your salary but this tends to be limited to certain products or professions. Bear in mind that, as well as your salary, lenders will take other factors into account such as your monthly spending, your deposit size, your age, and what type of employment you’re in.
Can you borrow more money than your house costs?
If you’re buying a property that needs renovation, you might be wondering whether you can take out an additional amount on your mortgage to cover the work that needs to be done. Unfortunately, lenders base their mortgage offers on lower of the purchase price or current value of the property. If you have a large deposit you may be able to hold some of that back to carry out the work and borrow more on your mortgage, but generally lenders will not lend more than 90-95% of the current value.
How is mortgage affordability calculated?
All lenders will do an affordability assessment before offering you a mortgage and it’s calculated using a variety of different factors. Firstly, a lender will look at your income - and if you’re buying with someone else, they will also take their income into account, as well as your outgoings to make sure that you can afford the monthly repayments. This includes things like your credit card and loan payments, bills, child care costs, groceries and personal/leisure spending. Lenders also look to understand whether you’ll be able to keep up payments should your circumstances change, such as if you lost your job, you’re prevented from working due to illness, you take a career break, or your mortgage interest rate increases. You can use our calculator to get a quick idea of how much you might be able to borrow, based on your circumstances or you can use our Online Mortgage Finder to get a more accurate result.
What if I need to borrow more?
Sometimes it can be possible to borrow more than the calculator on our website shows you and that's where our expertise comes in. We are sometimes able to arrange higher borrowing by taking your own individual circumstances into account.
* All potential borrowing is subject to affordability checks and credit status