How much can i borrow?
mortgage calculator

How Much Can I Borrow?

If you are thinking about getting a mortgage, the first question you are likely to have is “how much can I borrow?”. Our easy to use mortgage calculator will help answer this burning question by estimating how much you might be able to borrow on your own using a single income or with someone else using your joint earning power.

We have designed this calculator to give you an estimated mortgage size but also an indication of how likely it will be to get it. We search thousands of mortgage rates and each lender will have a different maximum mortgage size in mind for you so generally speaking, the closer to the limit you are, the less choice you will have when it comes to picking a lender. We discuss this in more detail further down the page. Remember that you will need to be able to make monthly payments, not just now but also in the long term.

Once you have a figure in mind, you can head over to our mortgage comparison page to find out which mortgage deals could be best for you and arrange to talk to an expert for free mortgage advice.

1 Select one or two applicants

2 Enter your yearly salary bonuses and overtime (see below for more details on how much bonus, overtime or commission to enter)

3 Enter your ongoing monthly commitments and total credit card balances.

4Calculate!

First Applicant

£
£
£
Outgoings
£
£
£
£
£

Second Applicant

£
£
£
Outgoings
£
£
£
£
£

In the chart below you can see the typical range of mortgage that could be available. The higher the amount you need on this scale, the less likely it is to be possible.

What affects how much I can borrow on a mortgage?

As we mentioned earlier, calculating how much you can borrow depends on a number of factors. The most important of these are your income and your fixed outgoings. It goes without saying that the higher your income and the lower your outgoings the more you are likely going to be able to borrow.

It doesn’t stop there though. Other aspects such as the size of your deposit, the way you earn your money, the number and age of your children, your credit history and many other variables can and will affect the outcome as each lender will have their own unique policy.

How much can I borrow on a mortgage?

As mentioned previously, calculating how much you can borrow depends on a number of factors. The most important of these are your income and your fixed outgoings. It goes without saying that the higher your income and the lower your outgoings the more you are likely going to be able to borrow.

It doesn't stop there though. Other aspects such as the size of your deposit, the manner in which you earn your money, the number and age of your children, your credit history and many other variables can and will affect the outcome as each lender will have their own unique policy.

If each lender is different, how should I use this mortgage calculator?

Our mortgage calculator can give you a pretty accurate estimation of what will be available to you and will show you 3 outcomes which represent a lower, medium and higher chance of success. Many of our customers regularly achieve the highest loan amounts available so don't be put off if you think you need to max out your possible mortgage size.

How to calculate your salary, bonuses, commission and overtime when using our how much can I borrow mortgage calculator

If you want to get the most accurate answer then you can follow these extra hints and tips or simply speak to one of our experts for free mortgage advice.

  • Salary

    This one is easy, just enter your gross (before tax) yearly salary and don't include any additional payments.

  • Annual bonuses

    Calculate the average of your last 2 years bonus payments and enter this figure. If you have only had 1 years bonus so far or the latest year was much higher and you feel you have a great explanation for this then you can use this instead.

  • Monthly Bonuses

    Calculate the average of your last 3 months bonus payments.

  • Commission

    Calculate the average of your last 3 months commission payments. If it is not regular then enter your latest full years commission payments.

  • Overtime

    Calculate the average of your last 3 months overtime payments.

Some assumptions our mortgage calculator has made

In order to keep the calculator easy to use we have had to make some assumptions so please take these into account and get in touch if you feel any of them affect you particularly.

  • A repayment mortgage

  • A mortgage term of at least 15 years

  • Your general household bills, travel costs, family size are in line with ONS averages

  • Good credit history

  • A deposit of at least 10% (or an LTV < 90%)

Final thoughts

Hopefully you now have a good idea of how much you can borrow. We try hard to give a reasonably accurate answer here on our mortgage affordability calculator. Remember, that all lenders operate with a different rule book, our mortgage calculator and the guidance given are designed to try and represent the most typical outcomes.

If you have a particularly complicated income package or feel the calculator doesn’t quite fit your situation then get in touch and our expert advisers will be happy to help you understand how much of a mortgage you can borrow.