Mortgage Affordability Calculator

The Mortgage Affordability Calculator is straightforward to use, designed to provide quick estimates with minimal input. Here’s how to get started:

Input Your Income: Begin by entering the total annual income for all applicants. This figure should be the gross amount, before tax and other deductions.

Review Your Results: Once you’ve inputted the income, the calculator will display your estimated results, including:

• The maximum amount you could potentially borrow.
• The amount most lenders would consider offering you.
• Higher amounts that might be accessible with the help of a mortgage broker.
  

   

Example:

• Your Income: £30,000
• Your Results:

You could borrow up to £165,000: This figure represents the upper limit of what might be possible under specific circumstances, usually requiring the assistance of a mortgage broker.

• • Most lenders would consider letting you borrow £135,000: This is calculated at 4.5 times your household income, a standard multiplier used by the majority of mortgage providers.
  • Some lenders would consider letting you borrow £142,500: At 4.75 times your household income, achieving this multiplier might be more challenging without a broker’s help. It’s not as widely available for direct applications.
  • A minority of lenders would consider letting you borrow £165,000: This requires a multiplier of 5.5 times your household income and is typically accessible only under very specific conditions, often necessitating a broker’s expertise.