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Mortgage Affordability Calculator

Our mortgage affordability calculator can give you an initial indication of how much you might be able to borrow towards buying a property.

Enter your total household income, available deposit and your outgoings to see an estimated borrowing figure.

The result is for guidance only and is not a mortgage offer, Agreement in Principle (AIP) or Decision in Principle (DIP). The amount you may be able to borrow will depend on your individual circumstances, the lender’s affordability criteria and further eligibility and credit checks.

If you’re thinking about taking the next step, you can answer a few more questions and speak to a mortgage adviser from our recommended panel. They can discuss your circumstances and help you explore your mortgage options. You may also be able to obtain an Agreement in Principle (AIP), sometimes called a Decision in Principle (DIP), which can provide a more personalised indication of what a lender may be prepared to lend.

An Agreement in Principle or Decision in Principle is not a guarantee that you will be offered a mortgage.

You may have to pay an early repayment charge if you remortgage. Your property may be repossessed if you do not keep up repayments on your mortgage.

Mortgage Calculator

Why use the mortgage affordability calculator?

The calculator can give you a starting point when planning your property budget and help you understand how your income, deposit and regular outgoings could affect the amount you might be able to borrow.

The figure shown is only an estimate. Different lenders use different affordability and eligibility criteria, so the amount available to you could be higher or lower.

For a more personalised assessment, you can speak to a mortgage adviser or consider applying for an Agreement in Principle (AIP) or Decision in Principle (DIP).

How does a mortgage affordability calculator work?

Enter details such as your household income, deposit and regular outgoings and the calculator will provide an estimated borrowing figure.

If you’re applying with someone else, include your combined income and expenditure.

The result should be used as a guide rather than an indication that a particular mortgage or borrowing amount will be available to you.

How accurate is a mortgage affordability calculator?

The calculator provides an estimate based on the information you enter and the assumptions used within the calculation.

It does not carry out the full affordability, eligibility or credit checks a mortgage lender would complete and does not take into account every factor a lender may consider.

It can be useful for initial budgeting, but it cannot confirm how much a particular lender will offer you.

If you want a more personalised indication, an Agreement in Principle (AIP) or Decision in Principle (DIP) can be a useful next step. Remember, an AIP or DIP is still not a mortgage offer or a guarantee that your mortgage application will be accepted.

How much might I be able to borrow?

When you apply for a mortgage, a lender will assess your circumstances against its own lending and affordability criteria.

This may include looking at:

  • Your income
  • The property value
  • Your existing debts and financial commitments
  • Your employment and income history
  • Your credit history
  • Your regular income and expenditure
  • The size of your deposit

The amount you may ultimately be able to borrow will depend on the lender’s assessment of your circumstances and, where applicable, its assessment of the property.

Preparing for a mortgage application

Before applying for a mortgage, it can help to understand your financial position and prepare the information a lender or mortgage adviser may need.

You could: 

  • Check your credit score and review the information held on your credit report
  • Get a clear picture of your regular income and expenditure
  • Consider speaking to a mortgage adviser about the options that may be available to you
  • Compare mortgage options from different lenders, either directly or through a mortgage adviser
  • Save towards your deposit where possible
  • Get a mortgage in principle also known as an Agreement in Principle or Decision in Principle – while remembering that this is not a mortgage offer or guarantee
  • Understand how mortgage interest rates can affect your monthly repayments

If your mortgage application is declined, this does not necessarily mean that every lender will reach the same decision. Different lenders have different eligibility and affordability criteria. However, consider getting guidance before making further applications, as applications may involve searches of your credit file.

Ready to explore your mortgage options?

If you’re ready to take the next step, we can connect you with a mortgage adviser from our recommended panel.

They can discuss your circumstances, explain the options that may be available and, where appropriate, help you obtain an Agreement in Principle or Decision in Principle before making a full mortgage application.

An Agreement in Principle or Decision in Principle is not a mortgage offer and does not guarantee that your mortgage application will be accepted.

You may have to pay an early repayment charge if you remortgage. Your property may be repossessed if you do not keep up repayments on your mortgage.

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