Mortgage affordability calculator
Get an indicative view of how much a UK lender may let you borrow, based on your income and monthly outgoings. Every lender assesses affordability slightly differently, so treat this as a starting point rather than a decision.
This tool provides general guidance only. It is not a mortgage application, offer, illustration or regulated advice under Financial Conduct Authority rules. Your actual rate, borrowing and monthly payment will depend on the lender's assessment of your individual circumstances.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Not all buy-to-let mortgages are regulated by the Financial Conduct Authority.
How the affordability calculator works
This calculator gives an indicative estimate of how much you may be able to borrow for a mortgage, based on your income and regular financial commitments.
As a general guide, many UK lenders use income multiples of around 4 to 4.5 times gross annual income, but this is only a starting point. The amount you can borrow may be reduced by commitments such as credit cards, personal loans, car finance, childcare costs, school fees and other regular outgoings.
The result is a rough guide only. Lenders carry out their own affordability assessment, including checks on your income, expenditure, credit history, deposit, loan-to-value, employment status and the type of property you are buying. They must also consider whether the mortgage would remain affordable if interest rates were to rise.
What lenders look at beyond the numbers
Alongside your income and outgoings, a lender will usually assess your credit file, deposit size, loan-to-value ratio, property type, property construction, age of the property and the reliability of your income.
Different lenders apply different criteria. Some may be more flexible with contractors, bonus income, commission, overtime, self-employed applicants, multiple income sources or applicants with historical credit issues. A broker with access to a broad lender panel can help identify lenders whose criteria are better suited to your circumstances.
Frequently asked questions
How accurate is this UK mortgage affordability calculator?
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It provides an indicative estimate only, based on simplified affordability assumptions. Real lender decisions vary. A Decision in Principle can give a clearer indication of what a lender may be prepared to offer, but it is not a guaranteed mortgage offer and will usually be subject to full underwriting, valuation and credit checks.
How many times my salary can I borrow for a mortgage?
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Many UK lenders use income multiples of around 4 to 4.5 times gross annual income as a guide. Some lenders may consider higher multiples, such as 5 times income or more, for certain applicants, higher earners, specific professions or lower-risk cases. This will still depend on affordability, credit profile, deposit, loan-to-value and the lender's criteria.
Do outgoings and credit commitments reduce how much I can borrow?
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Yes. Regular commitments such as credit cards, personal loans, car finance, childcare, school fees, maintenance payments and other ongoing costs can reduce disposable income. This can reduce the amount a lender is willing to offer.
Does using this calculator affect my credit score?
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No. This calculator is for guidance only. It does not carry out a credit search, share information with a credit reference agency or affect your credit file.
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Speak to a Nexpad adviser about your circumstances, deposit and plans. We access a comprehensive panel of lenders to help find a mortgage suited to you. There is no obligation and the initial conversation is free.
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