This mortgage affordability calculator will estimate what you could borrow to buy a property. Enter your total household income, available deposit and your outgoings to get an estimate of the amount of money you could borrow in the UK.
Once you’ve done your calculations and if you’re ready to get a mortgage you can then take the next steps by answering a few more questions. A mortgage adviser from our recommended panel will then go about finding their best mortgage deal for you.
Why use the mortgage affordability calculator?
It’s a great way to work out how you might need to make adjustments in order to improve your chances of getting a mortgage. You’ll also get an idea of the options available to you. It’s always worth speaking to a mortgage adviser to ensure you’re getting the best mortgage rates available that are best suited for you.
How does it work?
Simply enter your details and the mortgage affordability calculator will do the maths for you in just a matter of seconds.
Once you’ve put in all the necessary details, you’ll be able to find out how much you could afford to borrow.
If applying with someone else, include your combined expenditure and earnings.
How accurate is it?
It’s important to remember that the calculator generates estimates based on certain assumptions. It gives you a general indication, not a 100% accurate figure.
However, it can still give you a useful understanding of where you are and how your monthly budget adds up.
When it comes to buying a house, the more you know, the better!
What mortgage can I afford?
When you apply for a mortgage, the lender will need to assess risk (when it comes to both you and the property). This means looking at:
- Your income/salary
- Property value
- Any existing debts
- Proof of employment
- Your credit history
- Incomings/outgoings
How much you can afford to borrow for your new house will depend on what they find during their assessment and the valuation survey.
How to improve your chances of getting a mortgage
Of course, getting an understanding of your mortgage loan affordability isn’t all you need. You need to consider the lender’s position and whether you’re a good candidate for a loan.
- Check your credit score to see if you appear reliable
- Get a good understanding of your incomings and outgoings
- Save a deposit as high as possible, this will give you more options when it comes to mortgage plans and interest rates
- Speak to more than one lender
- Get a mortgage in principle (but remember this is not legally binding)
- Get your head around mortgage interest rates
Remember, if your mortgage is declined, your dream home isn’t out of your grasp. One lender’s opinion doesn’t apply to everyone.
Need a mortgage quote?
If you’re ready to take the next step to buying a house, we can help. We can connect you with expert advisers – they offer fee-free advice in 24 hours and a decision on your mortgage in 5 days. Or they will pay you £100!
You may have to pay an early repayment charge if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage. Terms and conditions apply to the mortgage decision promise.
