Mortgage Calculator UK
Getting a mortgage is one of the biggest commitments you’ll make in your financial life. It can sometimes be hard to work out what they’ll cost you. Our mortgage calculator can help.
See if you pre-qualify for a mortgage
Enquire about a mortgage with our pre-qualifying affordability form. No imprint on your credit score.
Will not affect credit score
How much can I borrow mortgage calculator?
You might have never had a mortgage before, or your financial circumstances might have recently changed. In either case, you might be unsure how much you can borrow for a mortgage. Our tool can help work this out based on your salary, combining your partner’s salary if it’s a joint mortgage.
Input your salary for a quick overview of what you could potentially borrow. This is based on 3.5x salary. Other options are available. Please complete these for annual incomes before tax.
How much can I borrow for the mortgage?
Number of applicants
Income
| Applicant 1 | Applicant 2 | |
|---|---|---|
| Annual Income | ||
| Other Income |
Your Mortgage results
Based on your entered income and subject to lenders criteria and credit scoring,
you could be
eligible to lend between £{{ mortgageResult.min | currency }} to £{{ mortgageResult.max | currency
}}.
A mortgage of £{{ mortgageResult.max | currency }} at 5.8% over 25 years would cost you approximately £{{ monthlyPayments | currency }} per month.
Please complete annual income for both applicants.
Mortgage calculators can help you work out your sums when you’re looking at how much money you may be able to borrow to buy a property.
It can also give a rough indication to what your monthly outgoing can be. However, these can alter depending on your circumstances, but it is a good starting point until a broker/lender has the full details.
You can add your income or salary and then play with different multipliers to see what the potential outcome could be.
How many times salary can I borrow for a mortgage in the UK?
Lenders may use various multipliers depending on their own preferences and whether someone is applying as an individual or part of a couple. Even in the latter scenario, you might find the lender takes the higher salary and multiplies that before adding the second income on top.
However, it is quite common to see multiples of between, three and three and a half times your salary, four and four and a half times’ your salary, even 5 times in some situations.
Three times your salary
and three and a half times salary
Four times your salary
and four and a half times salary
Five times your salary
and five and a half times salary
Our mortgage tools and UK mortgage calculator
Working out how much you can afford to pay towards a mortgage should be a priority before beginning your application. Our tools and mortgage calculator for the UK have been designed to help you work out your borrowing situation before getting a mortgage. These can be especially useful if you’re a first time buyer and unsure what house price range you should be looking at. They can also be useful if you’re a home mover or looking to remortgage your current property.
Otherwise, you might be looking for a mortgage for a buy to let property or second home and need to work out how big a mortgage you need.
Full Mortgage Calculator
Complete a few details to get a better understanding of mortgage costs
View calculator
Remortgage Calculator
Get an instant indication of what your payments for a remortgage could be
View calculator
Cost of living Calculator
Work out how much you currently spend each month
View calculator
What can affect my chances of getting a mortgage in the UK?
There are many factors that can determine how much you can borrow, such as income and existing loans and financial commitments.
Mortgage lenders have their own set of lending criteria, and each lender can be different. This means that if one lender rejects you, another might not. However, it’s best not to make too many applications at the same time.
That’s why it’s usually best to go through a mortgage advisor, such as Clever Mortgages who can assess your situation and then know which lender to apply to.
Generally, a lender will be looking at:
- The amount you want to borrow
- Your income and outgoings
- How much deposit you have
- The type of property you want to buy (certain properties such as flats above cafes and bars are deemed riskier to lenders)
- Your employment status
- Your credit rating
- Your affordability
- If you have had any pay day loans
- Missed or late payments
Getting a mortgage with poor credit
If you have a poor credit history then you might struggle to get approval for a mortgage from certain mortgage lenders. As a specialist mortgage lender, we will still consider your mortgage application based on your affordability, regardless of your financial history.
The main difference with a bad credit mortgage is that your interest rate might be higher, so you might want to factor this in when using our tools. To get a better idea of what interest rates you’re eligible for, you can speak to one of our mortgage advisers for help and advice.
What is stamp duty?
Stamp duty land tax – known in Scotland as land and buildings transaction tax – is a tax payment you have to pay when you buy a property or plot of land which costs more than a certain amount. The amount of stamp duty you pay depends on the type and price of property. It also varies when you buy a commercial building rather than a residential property.
- No stamp duty tax on the value of the property up to £125,000 (Currently the price is capped at £250,000 until Oct 2021 then it reverts back to £150,000) See here for more details
- 2% stamp duty on the property value between £125,001 and £245,000
- 5% on the property value above £250,000
Free credit report check
You can check your multi agency credit report with Checkmyfile. By clicking the link you will be transferred to their website. www.checkmyfile.co.uk.*
* Checkmyfile offer a 30 day free trial before a monthly fee of £14.99 applies. You may cancel at any time without charge by contacting them.
*Mortgage borrowing is intended to be a guide based on the amount of deposit entered and your income details. A mortgage adviser will fully assess your requirements before making a mortgage recommendation.
