How much can I borrow for a mortgage?
Use our mortgage calculator to get an idea of what you could afford on your new home.
Mortgage Calculator
Our mortgage calculator can give you a rough figure of what you can afford to spend on a property.
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Calculate how much you can afford
If you’re on the hunt for a new home, one of the first things you need to know is what kind of property you can afford. To do that, you need to work out how much you could borrow on a mortgage. With our mortgage borrowing calculator, you can get an idea of your budget in just a few clicks.
And once you’ve got an idea of what you can afford, our advisors are on hand to help you find a competitive mortgage deal to suit your needs. We’ll also help guide you through the rest of the process – lengthy forms included!
Important information
These figures are an estimated illustration. To get more personalised rates and offers tailored to your individual financial situation, book a call with one of our advisors.
Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £299.
Mortgage affordability calculator: FAQs
There’s no one size fits all answer to find the maximum you can borrow, but you can get an idea based on your salary. Generally, the amount you can borrow is around 4.5 times your income (or your combined income if you’re applying with someone else). It can be more or less, though. This will depend on your personal finances, as well as a few other factors. Enter your details in the mortgage calculator above to get an idea of what you can borrow.
Good question. Really this depends on the type of house you’re buying. Things like size and location will have an impact. As a guide, lenders tend to offer you a loan is 4.5 times your salary.
For example, if you’re earning £30,000 a year, they’ll times this by 4.5, giving you a home loan size of £135,000. It works the same if you apply with a partner. Let’s say they also earn £30,000 – your combined income would be £60,000. Times this by 4.5 and the loan you’re looking at is around £270,000. A lender will dive a little deeper into your finances before offering you that amount, though.
Our mortgage affordability calculator can be used as a guide to see what you might be able to get on a mortgage, but there are a few other factors that can influence what a lender will offer you. These are:
Deposit: Lenders need proof of the cash you’ll pay upfront towards the home.
Job: If you’re employed full time, you’ll need to show proof through things like payslips. Self-employed people will need to provide 2-3 years’ evidence of income.
Other income: Lenders will look at what you (and your buying partner, if you have one) earn from your jobs, but they’ll also review bonuses, rental income, benefits, or any tax credits you receive.
Outgoings: They’ll look at what you spend your money on and keep this in mind when assessing your affordability.
Credit score: Lenders will investigate your credit history. This will include looking at any existing debts you might have, like credit cards and car loans.
Usually, you’ll need at least 5% of the value of the home saved up. 10% is widely seen as standard and will start to open up a few more mortgage deals. Around the 25% mark is considered a large deposit. This is where you’ll start to see very competitive deals from lenders.
The mortgage calculator can give you an idea, but it’s not set in stone. There are a few ways you can try to increase your borrowing amount.
Saving for a bigger deposit: This can help boost your borrowing, as some lenders will see it as a sign of financial stability.
Different mortgage options: You may be able to get a guarantor mortgage. This just means you have a guarantor – usually a parent or guardian – who is willing to cover the mortgage if you can’t afford it.
Speak to an advisor: Our expert advisors work with our lenders every day. They have a good idea of the terms of each provider. So, they can let you know which lender is likely to lend you more money.
Purplebricks Mortgages Limited is an appointed representative of Mortgage Advice Bureau (Derby) Limited which is authorised and regulated by the Financial Conduct Authority. Purplebricks Mortgages Limited. Registered Office: 146 Freston Road, London, W10 6TR. Registered in England Number: 11952059.