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This mortgage affordability calculator lets you see instantly how much you might be able to borrow based on your income (calculated on a lender letting you borrow 5 times your income).
Get fee-free mortgage advice from the award-winning experts at Mortgage Advice Bureau. No hidden costs, just clear, expert mortgage advice. Compare deals or speak to an adviser today.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
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 mortgage broker for tailored advice.
Lenders consider a range of factors when deciding how much you can borrow on a mortgage, including:
You may be able to borrow more than the calculator suggests, depending on your circumstances.
So it’s a good idea to get fee-free advice from the expert advisers at Mortgage Advice Bureau 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 may lend you and find the best mortgage for you.
The cost of your mortgage depends on how much you’re borrowing, your mortgage term, the rate of interest you’re paying and whether it’s a repayment or interest-only mortgage.
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 calculated by:
But you don’t need to do this yourself. The award-winning expert advisers at Mortgage Advice Bureau will crunch the numbers for you to find the right mortgage for you.
The best mortgage rate for you will depend on your personal circumstances. But you don’t need to do the legwork yourself – let the expert advisers at Mortgage Advice Bureau do the hard work for you. They’ll search over 100 lenders to find the right mortgage for you.
However, if you want to get an idea of the best rates available today, see our Best mortgage rates guide.
Mortgage Advice Bureau’s expert advisers will search over 100 lenders to make sure you’re getting the best mortgage for you.
Get FEE-FREE expert advice from the Mortgage Advice Bureau.
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.
You can start the process of getting a mortgage today with Mortgage Advice Bureau. Compare deals or request a call back to get started.
Lenders typically will lend up to 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 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.
