Our simple mortgage affordability calculator will take in to account your income to give you an estimate of how much might be possible on a mortgage.
When looking to buy a house it is important to understand your mortgage affordability.
This will give you a base to start looking at properties in the right price range.
It is important to speak to one of our advisors for a more in depth conversation before viewing properties so they can through a full affordability check.
Lenders will consider other elements such as your income type, age, any debts or credit commitments and financial dependants to assess your full mortgage ability.
Our experienced mortgage advisors will be able to look at over 100 lenders as lenders have their own mortgage affordability calculator. We will ensure that you know how much is affordable on a mortgage and how much your mortgage will cost.
You can click here to get an idea of how much your mortgage would cost once you know your interest rate as well.
Frequently asked questions for Mortgage affordability calculators ;
How is my mortgage affordability calculated? / How much mortgage can I get based on my salary?
People commonly believe that a mortgage is always 4.5 or 5 times your salary. The affordability for a mortgage with a lender is a lot more complex than this simple calculation. Lenders will look at factors such as your income, debts, financial dependants and your deposit amount. Your affordability will also vary between lenders as lenders take varying things in to account. Speaking with a whole of market mortgage broker will give you access to over 100 lenders so that they can find you the best affordability for your mortgage.
Is mortgage affordability based on gross income?
Yes for people who are employed, lenders will look at your gross income for affordability. For people who are self employed it is a bit more complex as it depends on whether you are a sole trader, limited company or partnership. Our specialist advisors will guide you on all of the income you can use to improve your affordability for a mortgage.