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Our mortgage affordability calculator lets you see instantly how much you might be able to borrow based on your income.
Our how much can I borrow calculator is easy to use. Simply:
However, while this gives you an estimate, the exact amount a lender will lend you will depend on other factors like your outgoings. So your next step should be to speak to a fee-free mortgage broker for tailored advice.
Lenders consider a range of factors when deciding how much you can borrow on a mortgage, including:
Yes, you may be able to borrow more than the calculator suggests depending on your circumstances. It’s a good idea to speak to a fee-free mortgage broker to get advice based on your individual circumstances.
Yes. Each lender has different lending criteria so there could be a wide variation in what different lenders will let you borrow on a mortgage.
Getting expert advice is key because a mortgage broker will know how much different lenders will be likely to lend you and match you to the right lender.
This depends on the broker. Some mortgage brokers do charge fees but others, like award-winning mortgage brokers L&C are fee-free so you get expert advice at no cost.
You can see instantly how much your mortgage is going to cost by using this mortgage repayment calculator.
The cost of your mortgage depends on how much you’re borrowing, your mortgage term, and the rate of interest you’re paying.
The best way to compare mortgage deals is to look at the annual cost because this takes into account the mortgage rate plus any fees you’ll need to pay.
This means you’ll see whether you’ll save money overall by taking out a mortgage with a lower rate and higher fees or vice versa.
This is how mortgage brokers L&C calculate the annual cost:
But you don’t need to do this yourself. Get a fee-free mortgage broker to work this out for you.
L&C’s expert advisers will explain all your mortgage options to make sure you’re getting the best deal possible.
Also, L&C offer FREE mortgage advice. No hidden costs, just great service. Use the online mortgage finder or speak to an advisor today.
A mortgage agreement in principle is an indication that a lender will lend you a specified amount ‘in principle’. It’s a good idea to get a mortgage in principle before you start house hunting.
Yes. Our how much can I borrow mortgage calculator is a great way to see instantly how much you may be able to borrow, based on your income.
But a mortgage in principle looks at your finances in more detail and is personalised to you.
Arrange your Mortgage In Principle today.
No, a mortgage in principle does not guarantee that your application for a mortgage will be accepted. Nor does it make any guarantees about the amount that you can borrow.
That’s because the initial checks are limited and the lender doesn’t have a full view of your financial situation.
You make your mortgage application when your offer is accepted on a house.
The mortgage fees you’ll need to pay will vary by lender and depending on which mortgage deal you choose. But many mortgage lenders charge arrangement fees of £999 or more to access their best rates.
See our mortgage fees & costs guide for more detail. Get free mortgage advice brokers L&C.
You can start your mortgage online with L&C’s mortgage finder to see the deals you qualify for and how much you can borrow or speak to an expert adviser at L&C now on 0800 073 2326. They are open 9-8 Mon-Thurs, 9-5.30 Fri, 9-5 Sat, 10-4 Sun.
Lenders typically will lend up to 4.5 and 5 times your annual salary depending on your outgoings and credit history. But some lenders will lend more. For more information read our guide, What percentage of income should go to your mortgage?
A mortgage lender will look at your income and outgoings to make sure you can afford the monthly repayments. Lenders also assess if you will be able to keep up payments should circumstances change such as losing your job or if mortgage rates rise. For more advice, see How to get a mortgage in 6 easy steps.
The same salary multiple of up to 4.5-5 times annual income applies but if you’re self-employed, it can be more of a challenge to get a mortgage because you’ll need to prove you have a reliable income. Mortgage lenders usually require proof of your income for the last two tax years.
A mortgage in principle, also known as an ‘agreement in principle’ (AIP), ‘decision in principle’ or ‘mortgage agreement in principle’, is an indication that a lender could lend you a specified amount, based on details you’ve provided about your income, spending and debts. Many estate agents will ask if you have a Mortgage in Principle before you start the home buying process.
The longer the mortgage term you choose, the cheaper your monthly payments will be, when you take out a repayment mortgage. But you’ll pay more interest overall.
If you choose a shorter term, your monthly payments might be higher, but you’ll reduce the total amount of interest you need to pay back, as you’ll be paying off the loan more quickly.
HomeOwners Alliance Ltd is registered in England, company number 07861605. Information provided on HomeOwners Alliance is not intended as a recommendation or financial advice. Mortgage service provided by London & Country Mortgages (L&C), Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath BA2 3GZ, authorised and regulated by the Financial Conduct Authority (FRN: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage. If you complete on a mortgage through L&C, L&C will be paid a commission by the chosen lender. L&C will share a percentage of this commission with HomeOwners Alliance, the referring third party. The commission L&C receives doesn’t affect the product or rate recommended to you.
