Mortgage affordability calculator
Find out how much you can borrow for a mortgage, see the monthly repayments and how much you’ll have left over each month.
How to use our mortgage affordability calculator
This tool helps you see what mortgage you can afford by showing:
- how much mortgage you could get
- monthly mortgage repayments, and
- what money you’ll have left over each month.
It takes five minutes to complete if you have these documents ready:
- payslips (or account statements if you’re self-employed)
- details of benefit payments
- bank statements
- credit card or loan statements
- utility bills.
How does this calculator work?
We use your income and monthly expenses to calculate mortgage affordability, showing if the repayments might stretch your budget too much.
You can adjust the loan amount, repayment period and interest rate to change the results, or use it to check against any mortgage deal you are considering.
Are mortgage affordability calculators accurate?
Results are computer-generated based on the information you enter. Lenders have their own criteria and will require more details, but you can use this as a rough estimate of mortgage affordability.
How much can you borrow for a mortgage?
The most you can borrow is usually capped at four-and-a-half times your annual income, but this isn’t guaranteed.
Use our Mortgage repayment calculator to get an idea of how much you could borrow based on your salary.
What mortgage can you afford?
When it comes to mortgages, you want to find a balance between borrowing enough to buy your home, but not so much that the repayments become a problem.
Ask yourself ‘how much mortgage can I afford?’ remembering you’ll have to cover everyday costs such as energy bills, Council Tax, insurance and food, as well as your monthly repayment.
Read more in Buying a home – what mortgage can I afford?
Explore our other homebuying resources
Buying a property
- Follow our step-by-step guide, Buying a house or flat in England, Wales and Northern Ireland or Buying a property in Scotland - a money timeline.
- Be prepared for Mortgage fees and costs when buying or selling a home.
Applying for a mortgage
- Read all about How to apply for a mortgage.
- Explore your options for What to do when your mortgage application is declined.
- Find out more about Remortgaging to get the best deal.
Mortgage problems
- Know How to prepare for an interest rate change.
- Discover where to get Help with mortgage payments.
- Find out What is negative equity and why it could be a problem.
Mortgage FAQs
How does mortgage borrowing work?
If you want to buy a property but don’t have enough money upfront, you can apply for a mortgage. This is a loan used to buy property or land, usually lasting between 2 to 40 years.
You’ll need to save 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.
Mortgages are secured against your home, meaning the lender can take back (repossess) and sell it if you fail to keep up with repayments.
Find out more in our guide Help with mortgage payments.
What size deposit do I need for a mortgage?
You usually need a minimum deposit of between 5% to 10% of the house price.
A low-deposit mortgage (or no deposit, like a 100% mortgage) can help you get on the property ladder sooner, but you’ll likely pay more because of a higher interest rate.
Find out more about deposits in Saving money for a mortgage deposit.
What do I need to apply for a mortgage?
To apply for a mortgage, you need to show:
- proof of ID
- evidence of how much you earn
- details of your monthly outgoings, such as bank statements.
Different lenders will ask for different documents, so always check before you start your application as this will speed up the process.
Get prepared using our guide How to apply for a mortgage.
Do you need life insurance for a mortgage?
No, you’re not legally required to buy life insurance to get a mortgage, but it is recommended.
However, some lenders may ask you to purchase a policy as part of your mortgage deal. This is called a ‘precondition’, and your lender or mortgage broker should mention this before you agree to a mortgage deal.
Read more in our guide What is life insurance?
How long does a mortgage application take?
Most mortgage applications take between two to six weeks to be approved.
Delays can happen, but you can help avoid them by having all the documents ready to send over. This can include bank statements, proof of your deposit and valid ID such as passport or driving licence.
Find out What to do if your mortgage application is declined.
Can I add my partner to my mortgage?
Yes, you can add a partner, family member, or friend to your mortgage with your lender’s approval. This is called a ‘transfer of equity’ or ‘change of borrower.’ They must pass an eligibility check, and a fee may apply.
Before asking for an equity transfer, read our guide Should you manage money jointly or separately.
