Mortgage affordability calculator

Just tell us how much you earn and what your monthly outgoings are, and we’ll help you estimate how much you can afford to borrow for a mortgage. 

When you get your results you can change the repayment period or interest rate to make it more closely match any mortgages you’re thinking of applying for. And we’ll tell you how much money you’ll have left over each month. 

If you want to buy a property, but don’t have enough money to pay for it upfront, you can apply to get a mortgage.

A mortgage is a loan taken out to buy property or land. It can last between 2-40 years, depending on your lender and circumstances.

You’ll need at least 5% of the property purchase price as a deposit. You then borrow the rest of the money (the mortgage) from a lender, such as a bank or building society.

The lender charges interest on the money you borrow. You then make monthly payments to clear the total.  

The loan is ‘secured’ against the value of your home until it’s paid off.

If you can’t keep up your repayments, the lender can repossess (take back) your home and sell it so they get their money back.

The most you can borrow is usually capped at four-and-a-half times your annual income.

It’s tempting to get a mortgage for as much as possible but take a realistic look at your budget.

Lenders will look at your income and outgoings to check if you could keep up with repayments if things change, like an interest rate rise or if your income changes.

Consider how much you can afford to pay every month, remembering you’ll still have to cover everyday costs such as energy bills, Council Tax, insurance and food.

If you can, give yourself space to put away some savings for when the unexpected happens.

To apply for a mortgage, you need to show proof of ID, evidence of how much you earn, and details of your monthly outgoings, such as bank statements.

Different lenders will ask for different documentation, so always check before you start your application.