How much can I borrow for a mortgage?
One of the first questions you’ll need to answer when looking for a mortgage is how much you can borrow.
This will depend on various factors, such as your income, outgoings, credit score, and the value of the property you want to buy.
Use our mortgage affordability calculator
Our mortgage affordability calculator is a free and easy-to-use tool that can help you get an idea of how much you can borrow. Simply enter some basic information about your income and outgoings, and we’ll show you how much you could borrow.
What else do I need to know about mortgage affordability?
Our calculator is for illustrative purposes only. The actual amount you can borrow will depend on your personal circumstances, credit history, and the valuation of the property.
You will need to apply for a mortgage and get a decision in principle from a lender to find out how much they are willing to lend you.
Our calculator does not include any fees or charges that may apply to your mortgage.
Our calculator assumes that the interest rate and repayment type will remain the same for the whole mortgage term.
Still have questions?
If you have any questions about how much you can borrow for a mortgage, please don’t hesitate to contact us. We’ll be happy to help you get the answers you need.
Mortgage borrowing calculator FAQs
The amount you can borrow as a self-employed person will depend on a number of factors, including your income, outgoings, credit score, and the value of the property you want to buy. Lenders will also look at your business's financial records to assess your ability to repay a mortgage.
There are a number of things you can do to increase your chances of getting a mortgage as a self-employed person. These include:
- Having a good credit score
- Demonstrating a stable income
- Providing lenders with your business's financial records
- Getting a mortgage broker to help you
Lenders use a number of factors to decide how much you can borrow, including:
- Your income
- Your outgoings
- Your credit score
- The value of the property you want to buy
- Your employment status
- Your deposit
Lenders will use a mortgage affordability calculator to assess your ability to repay a mortgage. This calculator will take into account your income, outgoings, and the amount of deposit you have.
The lender will then decide how much they are willing to lend you based on the results of the affordability calculator.
The amount you can borrow for a mortgage will depend on a number of factors, as mentioned above. However, in general, you can borrow up to 4.5 times your annual income.
For example, if you have an annual income of £50,000, you could borrow up to £225,000. However, it's important to note that this is just a general guideline, and the amount you can borrow will ultimately depend on your individual circumstances.
The factors that affect how much you can borrow for a mortgage include:
- Your income
- Your outgoings
- Your credit score
- The value of the property you want to buy
- Your employment status
- Your deposit
As mentioned above, your income is one of the most important factors that lenders will consider when deciding how much you can borrow. Lenders will want to see that you have a stable income that is sufficient to cover your mortgage payments and other living expenses.
Your outgoings are also important. Lenders will want to see that you have enough money left over after paying your bills to make your mortgage payments.
Your credit score is another important factor. Lenders will want to see that you have a good credit history and that you are able to manage your debt responsibly.
The value of the property you want to buy is also important. Lenders will want to see that the property is worth enough to secure the mortgage.
Your employment status is also important. Lenders will want to see that you have a stable job and that you are likely to be able to keep your job for the foreseeable future.
Your deposit is also important. Lenders will be more likely to lend you more money if you have a larger deposit.
