What mortgage can I afford?

The above mortgage calculator lets you work out how much you can borrow. All you need to do is:

  • Enter your annual income

  • Enter your guaranteed bonuses or overtime if you earn them

  • Click "Two of us" to enter your joint income instead if you want a joint mortgage

We then show you approximately how big a mortgage you can get. We work this out by multiplying your income by up to five times. This will also tell you maximum property price that you can afford.

This is similar to how mortgage lenders decide if they will accept your application. However, they also take into account other factors like your spending habits, credit record, debts and if you have children.

What to do next

Once you know how much you could borrow, you can find a mortgage using our comparison.

If you want a more precise figure or need help finding the cheapest mortgage interest rates, you can talk to an expert mortgage broker.

How can you get a bigger mortgage?

If the results shown on the mortgage borrowing calculator are too low to buy the property you want, you could:

  • Save a bigger deposit: If the mortgage loan you can get only covers 80% of the property you want to buy, you could afford it with a 20% deposit. Here is how to save up a deposit.

  • Find a guarantor: If you are unable to save enough, some mortgages let you apply with a guarantor instead of a deposit. Your guarantor has to agree to cover your mortgage payments if you miss them.

  • Talk to a broker: Some lenders could give you a bigger mortgage than others, and brokers can work out which ones are mostly likely to lend you more. Contact a broker for advice on how to get accepted.

Last updated: 15 September, 2020