How much can I afford for a mortgage?
Discover how much you can afford for a mortgage and what lenders will look at to determine your mortgage affordability.
Mortgage affordability calculator
Finding out how much you can afford for a mortgage may feel like a grueling task. Especially, now the lending process is more complex than a simple multiplication of your salary.
Our calculator uses a simple multiplication to give you a measure of how much you could potentially borrow, which is a great starting point. But, when it comes to applying for a mortgage, the number of lenders that will be available to you will be influenced by the following factors:
Mortgage deposit
Mortgage lenders will want to know how much you have for a deposit, or how much equity is in your home, if you are remortgaging. This will enable them to see what you can afford, which forms a key part of their mortgage affordability assessments.
Mortgage affordability
Although your salary may be sufficient, lenders will check to see that you can afford your mortgage repayments. This includes looking at your monthly bills and commitments including, memberships, childcare and vehicle costs.
Once a lender has a good understanding of your deposit, income and financial commitments, they will then be able to determine how much they would be prepared to lend to you.
Why use a mortgage broker?
An independent mortgage advisor like us, will not only help you to understand how much you can afford to borrow. But, also search the whole of the mortgage market to find you the best possible deal. Want to get started? Get in touch today!
