How Much Can I Borrow for My Mortgage?
On this page you’ll find our free and easy to use borrowing calculator which helps you work out how much you could borrow on your mortgage. You’ll also discover information on mortgage eligibility and what looks good to a lender.
Make a Mortgage Enquiry
Our residential mortgage borrowing calculator will give you an estimate of how much mortgage you can get, although this will vary greatly from lender to lender. Enter your income details below and hit the Calculate button.
If you are 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.
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This is not a quotation under the Consumer Credit Act. Figures are subject to validation of income, credit checks and a property valuation.
The How Much Can I Borrow? mortgage calculator is a great way to start – but it’s certainly not a definitive answer – and if it’s not the answer you’re looking for, our experts can review your full situation and advise on the most appropriate course of action, including products you might not previously have considered.
Mortgage Eligibility: How Much Can I Borrow?
If we could all borrow as much as we liked, we’d all live in mansions and penthouses. Sadly that’s not the case, so in order to establish how much you can borrow, your mortgage lender will take the following into consideration.
Deposit
Your deposit is the amount you have to put down to secure your property. Normally at least a 10% deposit is required to secure a mortgage however, there are specialist first-time buyer mortgage providers who will lend to buyers with a 5% deposit.
Age
The older you are, the less time you have to pay off your mortgage and this means your monthly repayments will be higher on a repayment mortgage.
How much you earn
It stands to reason that lenders will be more willing to let you borrow a greater amount of money if you have more disposable income. If you’re buying with a partner or even a friend, your joint income and expenditure will be taken into consideration.
Spending
If you go on shopping sprees on a regular basis, you’ll want to curb that habit in advance of applying for a mortgage. If a mortgage lender sees that you have high expenditure and high debt they will be less willing to let you borrow as much money as you may want.
Credit Rating
Your ability to borrow any money is subject to a good credit rating. Lots of things can affect your credit rating such as credit card repayments and timely bill payments so it’s a good idea to keep on top of everything well in advance of applying for your mortgage. If you’re not sure what your credit rating is, you can check using websites such as Experian or Equifax.
Being on the electoral roll
Your mortgage lender can ascertain some information about you if you are or have been registered to vote. So, being on the electoral roll is looked upon favourably by lenders.
Buying Your First Home
From the definition of a first-time buyer, through the steps to buying a property and the costs you’ll face - everything you need to know is in our guide.
Mortgage Types
Our guide explains everything you need to know about the different types of mortgages, including: interest rates, features, repayment methods and more.
Applying for a Mortgage
Applying for a mortgage couldn’t be simpler with our easy and simple guide from application to accepting your offer.
House Mortgage Deposit
Saving a mortgage deposit for a house is definitely one of the biggest hurdles you face as a buyer. In our guide we explain how deposits work and ways you can save.
Guarantor Mortgages
With a guarantor mortgage, a relative guarantees to meet your mortgage payments if you can’t. We explain how this works and the benefits in our guide.
Tenants in Common
If you buy a property with someone as tenants in common, you each own a separate share. Find out how this works, how it’s different from joint tenants and more in this guide.
Loan-to-Value Calculator
On this page you’ll find our LTV (loan-to-value) calculator that you can use to work out the LTV on your mortgage.
Mortgage Repayment Calculator
Calculate your monthly payments for a particular loan amount and interest rate using this mortgage calculator
Right to Buy Calculator
Find our Right to Buy calculator that will estimate the discount you could receive under the Government’s Right to Buy scheme when buying your council house or flat.
Mortgage Glossary
On this page you’ll find our detailed mortgage terminology glossary. There’s a lot of jargon out there but we’re here to make it easy.