UK Mortgage Affordability Calculator — How Much Can I Borrow?

Most UK lenders offer between 4–4.5x your annual income. Some lenders offer up to 5–5.5x for high earners or those with low debt. For joint applications, lenders typically use combined income. Our calculator uses the standard 4.5x multiplier as a baseline.

Most lenders require a minimum 5–10% deposit. A 10% deposit (90% LTV) unlocks many more deals. A 20–25% deposit (75–80% LTV) typically gets you the best interest rates. First-time buyers should also check if they qualify for the Mortgage Guarantee Scheme.

A fixed rate mortgage locks your interest rate for a set period (typically 2, 3, or 5 years), giving certainty over monthly payments. A variable rate (tracker or SVR) moves with the Bank of England base rate — payments can go up or down. Most UK buyers choose fixed rates for budgeting certainty.

A joint mortgage allows two or more people to buy a property together. Lenders assess the combined income of all applicants, which typically increases how much you can borrow. All borrowers are equally responsible for repayments. Most couples apply jointly — lenders use 4–4.5x combined salary as the starting point.

Yes, but lenders typically require at least 2–3 years of self-employed accounts or tax returns. They usually base the mortgage on your average net profit (sole traders) or salary plus dividends (limited company directors). A specialist self-employed mortgage broker can help find the most suitable lender.

As a rough guide: on a £30,000 salary you could borrow £120,000–£165,000 (4–5.5x income). On £50,000, you could borrow £200,000–£275,000. On £80,000, up to £440,000. These are estimates — your actual mortgage offer will depend on your credit score, existing debts, deposit size, and the lender's criteria. Our calculator shows the full range based on standard UK lending multiples.

UK mortgage lenders assess how much mortgage can I afford by reviewing income, regular monthly outgoings, existing debts (including credit card balances and loans), and credit history. Most use 4–4.5x income as a starting point, then stress-test repayments at a higher rate. Lenders also check your debt-to-income ratio — paying down a credit card before applying can meaningfully increase your borrowing power.

A mortgage overpayment calculator — or overpayment of mortgage calculator — works out how much interest you save and how much you reduce the remaining term by making extra payments above your regular monthly amount. For example, overpaying £200/month on a £200,000 mortgage at 4.5% over 25 years saves roughly £28,000 in interest and cuts the remaining term by 5 years. Check your mortgage balance and any early repayment charges before overpaying.

You pay an early repayment charge (ERC) when you pay off a fixed or tracker rate mortgage before the end of the deal period. ERCs typically range from 1–5% of the mortgage balance, decreasing each year of the deal. Always check the ERC schedule before making large lump-sum overpayments — if the ERC exceeds the interest saving, it may be better to wait until the remaining term on the deal ends.

Most UK mortgage lenders strongly recommend (and many require) life insurance. It ensures your mortgage balance is repaid if you die during the mortgage term, protecting your family's home. Decreasing term life insurance — where cover reduces alongside the mortgage balance over the remaining term — is the most common and cost-effective type for mortgage protection. Costs typically start from £5–£15/month for a healthy non-smoker.

Affordability is how much a lender calculates you can borrow based on your income and outgoings. Use this calculator to work out your affordability range before applying. Approval (Agreement in Principle) is the lender's formal indication they would lend to you, subject to a full application and property valuation. The calculator gives you the affordability estimate — you still need to apply through a lender or broker for an actual offer.