How Much Can I Borrow Calculator
- Our borrowing amount calculator offers a rough estimate of what a lender might permit you to borrow based on your income (and your partner's income, if included).
- The actual borrowing amount depends on factors such as your spending habits, credit history, and the lender's individual criteria.
- This calculator is intended as a guide only, as lending decisions vary between lenders.
Want help understanding mortgage terms? Explore our glossary.
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Important: This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision.
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Important information to note!
- Your property may be repossessed if you do not keep up repayments on your mortgage.
- Using our mortgage calculators or rate comparison tools will not affect your credit score.
- These tools are for guidance only and do not replace financial advice.
- Your actual mortgage offer may be different from these estimates. Lenders will look at your credit history, spending, and other factors before deciding.
- Always talk to a qualified mortgage adviser for advice that’s right for you and your needs.
- Mortgage products and rates can change at any time, for example if the Bank of England base rate changes or if the government updates policies.
- Our mortgage advice is fee-free. Third-party fees may apply during the home buying process.
Frequently Asked Questions
Lenders assess a range of factors, including your income, credit rating, monthly outgoings, existing debts, deposit amount, property value, and employment history. In the UK, most lenders will also take into account the purchase price of the property and your ability to afford monthly repayments, to ensure you don't borrow more than you can manage.
For most people in the UK, the maximum amount you can borrow for a mortgage is usually between 4 and 4.5 times your annual income, depending on your financial circumstances. Lenders will assess your debt-to-income ratio to ensure your total monthly outgoings, including your mortgage repayments, remain within a sensible limit. This is commonly capped at around 43% of your gross income.
Key factors include your regular income (and years of documented income if you're self-employed), credit rating, existing monthly expenses, loan type, down payment size, your home's value, and the lender's mortgage term. The higher your income, the lower your debts, and the better your credit score, the more mortgages you may be eligible for.
The amount you qualify for is the maximum a lender is willing to offer based on your income, credit history, and financial circumstances. However, just because you're approved for a certain amount doesn't mean you should borrow the full figure.
What you should borrow depends on what you can comfortably afford in the long term, taking into account your lifestyle, plans, and any changes in circumstances, like rising interest rates or starting a family. It's essential to budget for more than just mortgage repayments, including bills, maintenance costs, and savings, to avoid overextending yourself.
Online mortgage repayment calculators provide a helpful estimate based on the mortgage amount, property value, interest rate, and mortgage term you input. However, lender quotes will be more precise as they also take into account your eligibility, credit score, current fees, and fluctuations in the Bank of England base rate.
Lenders use your credit score to understand how well you've managed money in the past. A strong credit history can improve your chances of approval and may help you access better mortgage deals. A poor score might reduce the amount you can borrow or result in higher interest rates.
They'll also look closely at your regular financial commitments, such as credit cards, loans, or car finance to make sure you can afford the mortgage repayments, both now and if interest rates were to rise. If you have a lot of existing debt, it could lower the amount a lender is willing to offer.