Mortgage Calculator
Get a rough idea of how much you could borrow in just 4 clicks.
- Understand your affordability
- Estimate your monthly payments
- See how your result is calculated
Deposit
£
Income
£
Mortgage term
years
Interest rate
%
£
Property price£
Monthly repayments- Understand your affordability
- Estimate your monthly payments
- See how your result is calculated
Your questions about how much you could borrow with a mortgage answered
Our Mortgages guides
- How much can I borrow with a mortgage?
- What are the current UK mortgage rates?
- Working out what you can afford when buying a home
- Finding and choosing a mortgage
- What are the different types of mortgages?
- What are mortgage terms and how do they work?
- How do lenders use your credit score for mortgage applications?
- What’s the difference between a hard and soft credit check?
How many times my salary can I borrow for a mortgage?
Your income forms the basis of
how much you can borrow with a mortgage. Generally, the maximum loan amount is capped at a multiple
of around 4.5 times your income. There are exceptions to this, and the cap can be higher, but this can
depend on a range of factors, the main one being how much you earn.
How much deposit do I need to buy a house in the UK?
Lenders generally offer a mortgage of up to 90% of the property value, so you’ll need to be able to
pay a deposit of 10% of the value of the home you want to buy. Some lenders offer mortgages of up to
95% loan-to-value. The higher your deposit is, the more lenders and mortgage products you’ll have to
choose from.
How long is a ‘normal’ mortgage term?
Actually, there’s no such thing. Traditionally home-buyers have tended to go for a 25-year mortgage.
However, most lenders will offer longer terms to help spread the cost of a mortgage over 30 to 40 years, or
more, depending on your age. Longer mortgage terms are becoming an increasingly popular option to
improve affordability by reducing monthly payments. However, taking a mortgage over a longer term will
increase the amount of interest that has to be paid. When you apply for a mortgage, you can choose the
term you think you can most comfortably afford.
What is Loan to Value (LTV)?
LTV is expressed as a percentage, and it reflects the size of the mortgage you need as a proportion
of the value of the home you want to buy. The bigger the deposit you have, the lower the LTV, and
vice-versa.
What are the current UK mortgage rates?
Lenders change the rates of their mortgage products regularly. We've added an average rate from the
six largest UK lenders to our mortgage calculator, so you can calculate a monthly repayment figure. You
can also check the average UK mortgage
rates and compare how they’ve changed since the previous week. And compare the rates across a range
of loan to value (LTV) percentages.
What is a Mortgage in Principle?
A Mortgage in Principle, or MIP for short, is also known as an Agreement in Principle, Decision in Principle, Mortgage Agreement in Principle, or a Mortgage Promise. It’s a personalised document confirming an amount of money which a lender believes they would be able to lend you, based on the information you’ve shared in your application.
A Mortgage in Principle is specific to you and, together with your deposit, it can give you an indication of the property price range you can search within. So you can search for your new home with more confidence.