Mortgage Calculator

Use our free mortgage calculator to work out how much mortgage you can afford and give you a better idea of how much deposit you may need.

When investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than you put in.

Read More

The content of this article is provided for information purposes only and is not intended to be, nor does it constitute, any form of personal advice. Investments in a currency other than sterling are exposed to currency exchange risk. Currency exchange rates are constantly changing, which may affect the value of the investment in sterling terms. You could lose money in sterling even if the stock price rises in the currency of origin. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any, regulatory protection as in the UK.

How much can I borrow?

Next Step: 

Calculate how much your monthly mortgage or interest payments would be based on the amount of money you may be able to borrow. 

How much will I pay monthly?

This is the amount you want to borrow and doesn’t include your deposit
The mortgage term can only be up to 35 years

How much mortgage can I afford?

One of the first things to know when buying a house is how much money you are able to borrow. Mortgage affordability calculators like ours help you to work out how much you might be able to borrow when buying a home.

What should I do before applying for a mortgage?

The first step on the road to applying for a mortgage is to speak to a bank or a mortgage broker. However, using something like a mortgage calculator to get an idea of what you can afford, is likely to help you when discussing your circumstances with the bank or a mortgage broker. It is also worth checking your credit score to see whether there is anything on your credit report which may adversely affect your application.

How do you calculate how much I can borrow?

A mortgage calculator gives you a rough idea of what amount you might be able to borrow based on your household income. This helps to show how much you may be able to afford to repay each month – and therefore the total amount you may be able to borrow.

What if I have a poor credit score?

You can still get a mortgage with a poor credit score, although it is not as straightforward as it would be if you had a good credit score. Therefore, one of the best ways to put yourself in a strong position to apply for a mortgage is to improve your credit score.

Is there help available?

Programmes like the Right to Buy scheme allow council home tenants to purchase their home from the government. Meanwhile, other initiatives like the Help to Buy mortgage scheme give you a step up with essentially an equity loan from the UK government, while the Shared Ownership scheme lets you buy between 25-75% of your home’s value and pay rent on the remainder, buying bigger shares when you can afford to.