Maximum mortgage calculator
Our mortgage calculator will give you an idea of how much you could borrow for a residential mortgage.
It takes just a few seconds to input your earnings and then see what is possible.
This calculator is suitable for a first time buyer mortgage, moving home mortgage or a remortgage.
Please remember that this is not an accurate quotation and figures must be used as a guide only. Your mortgage broker will be able to provide you with a personalised key features illustration.
Types of employment
The calculator allows you to choose your employment type: employed, contractor, self employed, freelancer, sole-trader, company director. By selecting the most appropriate option the calculator can then ask the most relevant income questions.
Please make sure that all of the boxes have been completed before clicking calculate.
For shareholding directors, certain lenders will look to include any retained profits within the earnings figure.
Applying for a mortgage
If you would like a more accurate figure before committing to a mortgage application please speak with an independent mortgage broker.
They can advise on how much you could borrow, what lenders are suitable for you and can also organise an Agreement in Principle (AIP) if required.
The figure provided by our calculator is estimated.
When you apply for a mortgage you will need to inform the lender of your exact income and employment details along with any requested documents, they nearly always ask for current account statements. The lender will then assess your eligibility for a mortgage after looking at your income, expenditure, credit file and loan to value.
While lenders do use your gross income to calculate a maximum mortgage amount, there’s also other mortgage affordability tests that could reduce this figure, such as a mortgage stress test and your debt to income (DTI) ratio.
Mortgages for professionals
When you’re considering taking out a mortgage and you happen to be a qualified professional, there may be options tailored specifically for your circumstances.
Mortgages for professionals aren’t a separate category of mortgage; rather, they’re standard mortgages that come with certain perks or favourable terms for individuals recognised as professionals by lenders.
The big advantage is that they could allow you to have a bigger mortgage.
Typically, this includes solicitors, accountants, doctors, and others who are viewed as having stable, high-earning professions.
How much do mortgages cost?
The amount that you need to pay each month for a mortgage is affected by a few different things. Changing any of these could cause your payment to go up, or down.
Amount borrowed: The most obvious! The more you borrow, the higher the repayments.
Interest rate: Again, higher rates lead to higher payments.
Repayment method: The majority of mortgages are set up on a capital & interest (repayment) method, this has the highest monthly payments. Choosing a part & part mortgage, or interest only, will see those repayments reduce.
Mortgage term: There is a trend towards longer mortgage terms in the UK. The ‘norm’ used to be 25 years and this has moved to 30 years. A longer term means lower repayments as you spread the cost over more years.
Mortgage repayment calculator
You can use our Mortgage Repayment Calculator to see how much a mortgage could cost each month.
Just change the interest rate and mortgage term to see how the payment changes.
To get a more accurate figure, speak with an independent mortgage broker who will be able to give you a mortgage KFI illustration (mortgage quote).
Mortgage repayments
For a quick look at the monthly cost of a mortgage head over to our Mortgage Repayments Guide.
Here we have worked out the cost of some popular mortgage values, including:
