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?" or put another way, "how much of a mortgage can I get?". Our simple mortgage calculator will help answer this burning question. It will calculate how much you might be able to borrow on your own using a single salary or with someone else using your joint salaries. You may have been asking "can I even get a mortgage?". Well use our calculator to find out...you might be pleasantly surprised!

The calculator will provide you with an approximate estimate of how much you're likely to be able to borrow as a maximum, but this amount will vary from lender to lender and will also depend on other individual circumstances such as monthly credit commitments and how you earn your income. Remember that you will need to be able to make monthly payments, not just now but also in the long term.

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.

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

Here we will give a little guidance on how much of your income to enter into the calculator as it is not a straight forward as you may hope if you want to get the most accurate answers. Sorry, don't blame us!

  • 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.

Hang on, I'm self employed how much can I borrow?

Firstly check out our guide to self employed mortgages which will give you some information on what sort of documentation a lender will use to assess your income. We then suggest you get in touch with us to discuss your situation in detail.

However, if you are really keen to get some sort of estimate then you can use the mortgage calculator in the following way to work out how much you can borrow.

For LTD company directors you can calculate the average of your salary and dividends from the last 2 tax years and enter this total amount into the salary box.

For partners in partnership you can enter the average of your last 2 years partnership profit share in the salary box.

For sole traders you can enter the average of your last 2 years pre tax net profits into the salary box.

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

How much can I borrow is a very common question and 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 remuneration package or feel the calculator doesn't quite fit your situation then get in touch with one of our advisers who will be happy to help you understand how much mortgage you can borrow.

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