Mortgage calculator

The information we’ll ask when using our mortgage calculator will depend on what you’re trying to calculate. 

If you want to find out how much you can borrow, we’ll ask for:

• Your annual salary

• Your partner’s salary (if you’re looking for a joint mortgage)

• Your deposit amount

• Your regular monthly outgoings (this is optional but can help to give a more accurate picture of how much you could borrow)

If you’re looking to get an idea of how much your monthly repayments will be, we’ll ask for:

• Your mortgage amount (how much you want to borrow)

• Your mortgage term (how long you’re borrowing for)

• Your mortgage interest rate

No, using our mortgage calculator won’t impact your credit score.  

When you get a mortgage in principle, we’ll look at your credit history using something called a soft credit search, which won’t affect your credit score either. 

When you apply for a mortgage, we will perform a hard credit check, leaving a record on your credit report that other lenders can see. Having many hard searches on your credit report within a short period can impact your credit score. 

It’s important to remember that when you use other mortgage brokers or lenders to determine how much you can borrow, they may run a hard credit check.

You will need to be sure you can afford to make the monthly mortgage payments required for your entire mortgage term.

If your finances are likely to change or fluctuate in the future, this is something you should consider before committing to buying a home and getting a mortgage.

You should also keep in mind that mortgage interest rates can change over time as well.

Lenders will carry out a thorough analysis of your financial situation when they decide whether you can afford a mortgage. 

Besides your income, debt, and deposit/LTV amount, lenders will also take an in-depth look at your regular outgoings such as:

• other loan or credit card repayments

• childcare costs/maintenance

• school fees

• travel

• household bills

• Insurance payments

Some lenders will be harsher than others, so it’s a good idea to compare a few different lenders to see which one works best for you.

It’s important to discuss your monthly repayments with your mortgage broker to make sure you can realistically afford them when you take into account your other expenses and how your lifestyle will change when you start paying your mortgage back. 

You can use our monthly mortgage payment calculator to get an idea of how much your repayments would be. Remember that if you’re on a variable-rate mortgage, your monthly repayments could change. With a fixed-rate mortgage, your repayments will stay the same for your initial period. 

In principle, you should be able to borrow the highest amount recommended by lenders. This is because mortgage providers typically conduct stress tests to make sure you can still afford the repayments even if there's a future increase in interest rates. 

However, there are potential downsides to borrowing the maximum mortgage amount available to you. If interest rates climb and inflation leads to increased costs of things like utility bills and food, there's a possibility that repaying your mortgage might become challenging. Falling behind on mortgage repayments can result in severe financial hardship, and failure to maintain repayments could even result in the repossession of your home.

It's sensible not to use the entire suggested sum on your mortgage in principle when you make an offer on a property. This is because, during the mortgage application, the actual amount a mortgage provider is willing to lend to you might be lower if your credit history, income, or expenses affect the lender's decision. 

You’ll also need to be prepared for any changes to your circumstances, such as starting a family, losing your job, or needing to cover emergency expenses, such as a broken boiler. If you've borrowed the maximum amount, but a change in circumstances makes it difficult to repay your mortgage, you might have to consider selling your home.

Knowing how much you can afford to borrow when you’re self-employed can be a little trickier, and often the amount of mortgage you can get can vary significantly between lenders; most lenders will look at the average of your last two or three years' income or your most recent year of trading. 

How much you’ll be able to borrow with a self-employed mortgage will depend on factors including:

• Your deposit

• Your credit history

• Your income

• Your outgoings