Mortgage Calculator

Our simple mortgage calculator shows how much you could borrow as a UK first-time buyer, when remortgaging, or moving house. Calculate your monthly mortgage repayments to work out how much you could afford to borrow.

How much can I borrow?

Mortgage repayment calculator

These calculations are for guidance only. Talk to a mortgage broker or lender to get a more accurate figure. Your home could be repossessed if you don't keep up repayments on your mortgage.

You could borrow up to:

£000,000
00%
£000,000
Other fees you may have to pay:
(free with Trussle)
(learn more)

Next steps

If you're ready to get a mortgage, the next step is to answer a few more questions. Then a Trussle adviser will find the best mortgage deal for you.

These calculations are for guidance only. Talk to a mortgage broker or lender to get a more accurate figure. Your home could be repossessed if you don't keep up repayments on your mortgage.

Our other mortgage calculators

If you’re considering a mortgage, you probably have lots of questions.

You may be wondering how much you can borrow, how to calculate mortgage repayments, or whether you’ll be better off making monthly mortgage repayments or renting.

A helpful first step is to take a look at the various mortgage calculators available.

Depending on your circumstances, you may need to calculate a number of different things, and you may also need a specialised calculator, such as a buy to let mortgage calculator, or a help to buy mortgage calculator. These are the types of mortgage calculators you may want to consult if you’re applying for a mortgage in the UK.

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Types of calculators

Here’s a rundown of some of the different calculators…

Mortgage affordability calculator

Most basic mortgage calculators, including our mortgage calculator, are affordability calculators.

To find out how much you could borrow with a mortgage, they'll generally ask for the number of people on the mortgage, your annual income, your mortgage term, and interest rate. They'll then calculate monthly repayments based on the information you’ve given them.

Keep reading on to find our more about affordability calculators.

Mortgage repayment calculator

A mortgage repayment calculator will estimate how much you could be expecting to pay each month on your mortgage.

It’ll calculate this based on the amount you’re borrowing, the term of the mortgage and the interest rates and fees of your deal.

Our mortgage repayment calculator only works for repayment mortgages. It won’t give you an accurate calculation for interest only mortgages.

Stamp duty calculator

Many home buyers forget about stamp duty when looking at the cost of a new home, but it can be significant. There are calculators that will work out the stamp duty due on your home. You’ll need to input the price of your home, and answer a few other questions, such as whether you’re a first time buyer, and if you’re buying a second home as a buy to let property.

Overpayment calculator

Overpayment calculators allow you to see how much money you could save when you make extra payments.

This could be:

  • A one-off (which might happen, for example, if you receive an inheritance or other windfall)

  • A regular extra monthly payment (which might be possible if you get a raise or your outgoings decrease).

Remember that not all mortgages allow for overpayments, so check in advance if this is something likely to affect you.

The above calculators will give you an idea of exactly how much you could borrow. If you already have a mortgage and want to pay it off quicker, the overpayment calculator is a useful tool.

But those with an existing mortgage may also be interested in one other kind of calculator...

Remortgage calculator

This calculator will let you know if you can save money by remortgaging, either with your current lender or a new one. It’s possible that there's a better deal you could switch to, to cut your current monthly repayments.

Use our remortgage calculator to work out how much you could save with a new mortgage deal.

What mortgage calculators do (and what they don’t)

While mortgage calculators are super useful tools, they are far from infallible. When using a mortgage calculator of any kind, it’s vital to be aware of what they can and can’t do. Factoring this in will help you decide not only how much you could borrow, but also how much you should borrow – they may be two very different figures.

A mortgage calculator arrives at a figure by looking at various aspects related to your ability to pay a mortgage. There are, however, some things they don’t take into account, so it’s important that you factor these in yourself when deciding exactly what you can afford.

Each mortgage calculator is different, but if you’re using a basic mortgage calculator online, here’s what you can expect.

Most mortgage calculators do:

  • Consider how many people will be repaying the mortgage

  • Look at what your annual salaries are

  • Include guaranteed ‘extras’ such as annual bonuses

  • Consider other income

  • Calculate based on your mortgage type, term and interest rate

Most mortgage calculators don’t:

  • Look at your monthly expenses/outgoings

  • Access your credit score

  • Include the costs associated with getting a mortgage

  • Anticipate changes in your circumstances

  • Calculate what happens if your interest rate increases

This is important because although mortgage calculators don’t look at every issue that could affect your repayments, most lenders do.

Customers should always refer to their mortgage illustration for the true cost of their mortgage, as any calculator can only give a rough estimate.

What lenders really want to know

Lenders carry out a credit check on mortgage applications to help them decide whether they're prepared to lend to you.

Not so long ago, it was possible to get a mortgage based primarily on income (usually you’d be offered around three to four times your annual salary), but this is no longer the case.

In 2014, the Financial Conduct Authority introduced new guidelines meaning mortgage lenders no longer rely solely on income to determine whether someone can afford to repay a mortgage. They’re now also likely to look at your current outgoings, including any other loan or credit card repayments you’re making.(1)

What if I have debt?

But don’t fret! Having some debt won’t prevent you from taking on a mortgage.

Well-managed debt might even demonstrate that you’re good at making repayments. However, if your lender determines that your current fixed outgoings will prevent you from making mortgage repayments, you may be refused.

What if my circumstances change?

Lenders also take into account future changes in your circumstances and how that might affect your mortgage.

They’ll be concerned about whether you’d still be able to pay your mortgage if one of you got sick, took maternity leave, or lose your job. They’ll also consider how well you’d meet your repayments if interest rates increased (in the case of a variable rate mortgage).

In short, they’re looking at not just whether you can pay your mortgage, but how comfortably you can pay it, and whether a sudden change in circumstances would leave you defaulting on your payments.

There’s no doubt that mortgage calculators are a useful tool, but it’s important to know there are lots of factors that will affect your ability to obtain, and repay a mortgage.

Mortgage affordability

There is nothing overly complicated in working out your mortgage affordability, with lenders applying some basic principles to calculate your offer.

Use our simple mortgage affordability calculator to give yourself an idea of how much you can borrow. 

Keep in mind, we mentioned that calculators can only give rough estimations, and that lenders require more specific info before giving you an actual quote.

mortgage monitoring - hero test

How much mortgage can I afford?

In the decades prior to 2014, your mortgage lender would generally calculate your affordability as between 3-5 times your household income.

So, if you and your partner earned a combined £50,000, you would expect your mortgage to be somewhere between the £150,000-£250,000 mark.

But, in 2014 the Financial Conduct Authority (FCA) published their Mortgage Market Review, and that changed the game as far as how mortgage affordability is calculated.

Lenders can no longer base their sums solely on your income, and instead need to consider a number of other factors:

  • Your Financial Outgoings (credit card payments, direct debits, insurances, bills, loans etc)

  • Monthly Living Costs (the day-to-day items you need, such as food, clothes, petrol etc)

You might also be required to show you can pass the lenders’ ‘stress test’. This analyses whether you would be able to pay your mortgage if an unforeseen situation occurred, such as redundancy, childbirth, illness, or even a change in interest rates.

To pass the stress test, lenders will look at your salary and other forms of income from pensions, investments and other financial support.

Our mortgage calculator at the top of this page can give you a rough idea of how much you may be able to borrow. But you should talk to a mortgage broker or lender to get a more accurate figure.

How much mortgage can I get on my salary?

Lenders use a multiple of your salary as a basic initial guideline for how much you could borrow. This number tends to be around 4 or 4.5 times your salary, though some lenders may offer 5 times, or in a few cases, up to 6 times your salary. 

Different lenders have different criteria, and the income multiplier can depend on any of the following:

  • Your salary and source of income

  • Any government scheme you might be using

  • Whether you’re a customer with extra benefits (Barclays offer Premier customers slightly higher income multiples)

  • Your deposit amount

  • Applicant job title (Those applying with lenders who offer Professional Mortgages might be able to borrow more than the average applicant)

  • Financial commitments/bills/childcare costs/dependants

  • Age

  • Mortgage term

  • Leasehold costs

For example, one lender might offer up to 4.5 times your income if you earn under £60,000 and 5 times if you earn above that. 

Keep in mind that these general rules are not set in stone, and your individual situation will be assessed on its own merit.

It’s worth noting that buy-to-let customers may be assessed differently.

How much does it cost to get a mortgage?

There are a number of costs you might need to pay if you’re taking out a mortgage:

  • Arrangement fee / product fee / completion fee - typically costs anything from 0 to £2,000, and over

  • Booking fee - sometimes charged when you simply apply for a mortgage deal and is not usually refundable even if your mortgage falls through. Some mortgage providers will include it as part of their arrangement fee, while others will add it on depending on the size of the mortgage. Costs start from £99 up to £250

  • Survey costs for valuation - your mortgage provider will value your property and make sure it’s worth the amount you wish to borrow. Some lenders might waive this fee. You can also pay yourself if you want to have a more thorough survey, such as a Homebuyers report or a full structural survey.

  • Solicitor’s costs - to carry out all the legal aspects of the transaction including local searches. Typically £850 to £1,500 and £250 to £300 for local searches.

  • Telegraphic transfer - sometimes known as CHAPS (Clearing House Automated Payment System) - this fee pays for your mortgage provider to transfer the money to your solicitor. Typically costs £25 to £50.

  • Mortgage account fee - pays for the lender’s administration costs in setting up, maintaining and closing your mortgage. If you’ve paid this fee, then it’s unlikely you’ll need to pay the exit fee. Typically costs £100 to £300.

  • Mortgage broker fee - to arrange the mortgage or for advice. Some mortgage brokers are fee-free, such as Trussle. Others will charge on average £500 or a commission depending on the mortgage value.

  • Higher lending charge - not all lenders charge this fee and it’s only likely to be a requirement if you have a small deposit to pay for the lender’s insurance if you can’t pay back the mortgage and they have to sell your property at a loss. The fee is often 1.5% of the mortgage.

  • Building insurance - not all lenders used to charge this but it’s now a condition of the mortgage and is something solicitors check is in place. Usually costs £25.

  • Stamp duty on residential property purchases above £125,000 - first-time-buyers will not be charged on the first £300,000 for properties worth up to £500,000.

Once you have a mortgage...

  • Overpayment fees - during the initial fixed or discounted period, most mortgage lenders only let you pay 10% of your balance per year as an overpayment, and will charge a fee if you overpay more than this. These penalties vary, but they’re often between 1% and 5% of the amount overpaid.

  • Missed payment fee - some lenders may charge a fee if you miss payments. The penalty will depend on the specific lender's rules.

  • Early repayment charge - if you repay your mortgage before your initial period is over (because you decide to remortgage, for example) you’ll usually have to pay an Early Repayment Charge (ERC). This is normally charged as a percentage of the outstanding loan, so it can total thousands of pounds. It’s important to take this into account when you’re taking out your mortgage and deciding how long to fix it for.

  • Exit/closure fee - even once your initial period is over, when you close your mortgage account because you’ve paid off the loan or you’re switching to a new lender, your provider may charge you an exit fee. Typically, mortgage exit fees are between £50 and £300.

Using our mortgage calculator

For a better understanding of what you could afford, try using our straightforward mortgage calculator.

To find out how much you could borrow, you'll have to answer a few questions

  1. What is your income (before tax)? You should include all of your reliable income

  2. If you're applying for a mortgage with someone else, what is their (pre-tax) income? You can apply for a mortgage with a partner or a friend

  3. How much can you put towards a deposit? For first time buyers, we recommend between 5% and 20% of the value of the home you’re looking to buy.

  4. What are your regular monthly outgoings? Lenders want to see if you could afford your mortgage repayments. Make sure you include loan and credit card repayments, childcare costs, pension payments, etc.

Based on your answers, our mortgage calculator will immediately provide you with a figure.

And then if you think you're ready to get a mortgage, you can answer a few more questions and talk to a Trussle mortgage adviser who will find the best deal for you.

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Frequently asked questions (FAQs)

How accurate are mortgage affordability calculators?

A mortgage calculator is designed to give you an estimate of what you could afford based on your current circumstances and should be used as guidance only.

For instance, Trussle’s calculator will give you an indication of how much you could borrow, but your lender will still have to carry out a detailed affordability assessment and “stress test” your application to determine what will happen if your financial circumstances change.

Where can I find mortgage affordability calculators?

You can use Trussle’s mortgage calculator, or opt to use a lender’s version.

Lender mortgage affordability calculators include (but aren’t limited to):

  • Halifax mortgage affordability calculator

  • Nationwide mortgage affordability calculator

  • Natwest mortgage affordability calculator

  • Barclays mortgage affordability calculator

  • TSB mortgage affordability calculator

Is a mortgage affordability calculator easy to use?

As long as you have the information to hand, our affordability calculator is quick and easy to use.

You’ll need to know what your income is before tax or the combined income of all the mortgage applicants if you’re buying with someone else, and how much you can put towards a deposit.

Is there a shared ownership mortgage affordability calculator?

Yes, you can find a selection of shared ownership mortgage affordability calculators online.

Shared ownership mortgage calculators tend to estimate how much you’ll need to borrow, what your monthly mortgage payments are likely to be and how much rent you’ll have to pay on the rest of the property.

Does a student loan affect a mortgage?

Lenders consider a student loan to be an outgoing so it could affect the total amount that you can borrow. However, it won’t automatically lead to a black mark against your application in the way a large credit card debt or personal loan might.

The key deciding factor is the effect of the student loan on your debt-to-income ratio and whether the debt pushes you past the lender's debt-to-income threshold. If it does, this could affect your ability to meet your mortgage payments. Due to the way student loans are repaid, people who have larger incomes are likely to see a larger impact from their student loans.

While a student loan is not necessarily a concern when you’re applying for a mortgage, you may want to consider clearing other types of debt before making an application.

Apply with Trussle today

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Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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