Mortgage Calculator

Calculate how much you can borrow in the UK with our simple mortgage calculator. Calculate your monthly mortgage repayments to work out how much you could afford to borrow when moving house, remortgaging, or buying your first home.

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 mortgage calculators

What's in this calculator guide:

How much mortgage can I get

You can usually borrow around 4 to 5 times your salary.

Some lenders offer up to 6 times your salary, but they will be very strict about who they lend this amount to.

Lenders have different rules and the amount they times your income by can depend on a number of things.

They include:

  • salary and source of income

  • using a government homeownership scheme

  • extra benefits (for example, Barclays offer Premier customers slightly higher income multiples)

  • deposit size

  • financial commitments and bills

  • age

  • length of mortgage

  • leasehold costs

Read our reviews of UK mortgage lenders to find out more about how much each lender may lend you.

Use our mortgage calculator at the top of the page to get an idea of how much you could borrow.

How much mortgage can I afford

Mortgage calculators are a good way of finding out how much you might be able to borrow.

But there are some things that mortgage calculators don’t take into account.

It’s important to know what they are when trying to work out how much mortgage you can afford.

Each mortgage calculator is different, but if you’re using a basic online mortgage calculator, this is what it’ll look at:

  • how many people are paying the mortgage

  • salaries

  • other income

  • mortgage type

  • mortgage length

  • interest rate

Most mortgage calculators don’t look at:

  • monthly expenses

  • credit score

  • costs of getting a mortgage

  • interest rate changes

  • life changes such as losing your job

Most lenders look at every issue that could affect your repayments, but most mortgage calculators won’t.

You might also need to pass a lender’s ‘stress test’ before they’ll give you a mortgage.

This is to make sure you’ll be able to pay your mortgage if something happens that affects your repayments.

This could include:

  • losing your job

  • having a baby

  • being ill

  • a change in interest rates

To pass the stress test, lenders will look at your salary and other types of income such as pensions and investments.

Lenders also look at your credit history to see what type of borrower you are. This is called a credit check.

It could be a hard or soft credit check, depending on their rules. See our credit score guide to understand the difference.

The guide also tells you how to improve your credit score if you need to.

How much a mortgage costs

The true cost of your mortgage is your monthly repayments, plus fees and charges, minus any cashback.

You can calculate your monthly repayments with our mortgage calculator at the top of the page.

Before choosing a mortgage, it’s very important to know exactly how much you’ll pay for it in the long run.

Here are some of the fees and charges you might have to pay.

Early repayment charge

You might have to pay a charge if you remortgage before your current deal ends.

Cost: up to 5% of your mortgage balance

Arrangement fee or product fee

This is what you have to pay simply for taking out the mortgage.

Cost: often around £1,000

Booking fee/reservation fee/application fee

This is the cost of applying for a mortgage.

Cost: £100 to £200

Valuation fee

A lender has a valuation done to check what your house is worth in case it needs to sell it if you stop paying your mortgage.

It also needs to make sure that your home meets certain rules in the mortgage.

Cost: free or around £300

Chaps fee (or funds transfer fee)

This is for sending the mortgage funds to you or your solicitor.

Cost: around £30

Deeds release fee/mortgage completion fee/redemption administration fee/discharge fee

This is for ending your mortgage.

Cost: from £50 to £300

Conveyancing fees

These are the legal fees.

Cost: £850 to £1,500

Broker fees

Unlike Trussle, some brokers charge a fee. It can be a set amount or a percentage of your mortgage.

Cost: free or around £500

Should I borrow the maximum amount?

When a lender offers you a mortgage, they’ve decided how much they’ll lend you based on a number of things.

They include:

  • your salary

  • other income like investments

  • how much you can afford to pay

When deciding how much you can afford to pay, a lender takes into account things like a rise in interest rates or if you lose your job.

While a lender may believe you can afford the full amount they’re offering you, you should decide how much is right for you.

Some people borrow as much as they can.

Others, because of their personal situation, or how comfortable they are with risk, prefer to borrow less.

Think carefully about what’s best for you. You might lose your home if you don’t keep paying your mortgage.

How much mortgage can I borrow with bad credit?

If you’ve got bad credit how much mortgage you can borrow depends on your personal situation.

When a lender decides whether to give you a mortgage, they’ll look at your credit history to see how well you’ve managed debt before.

This is known as a credit check.

If you have bad credit history some lenders will:

  • turn you down for a mortgage

  • ask for a bigger deposit

  • offer you a higher interest rate

Whether your mortgage application is affected by your credit history depends on:

  • what the credit problem is 

  • the amount 

  • when it happened

Paying a gas bill late, for example, isn’t as serious as missing a mortgage payment or going bankrupt, which would stay on your credit report for six years.

It’s possible to explain to a lender how you got into debt.

If it’s because of a life event such as divorce, a lender might not see your debt as seriously as if you normally use debt to manage your finances.

Speak to a mortgage broker to find out how your situation could affect how much mortgage you can borrow.

Read our bad credit mortgage guide to learn how to get a mortgage with bad credit.

How much can I borrow with no deposit

Most lenders want a minimum deposit of 5% of the purchase price.

But it is possible to get a mortgage with no deposit.

100% mortgages are usually linked to a relative’s or friend’s savings account. 

Lenders who offer them include:

  • Barclays

  • Lloyds

  • Tipton & Coseley Building Society

With a Lloyd’s Lend a Hand Mortgage, for example, instead of putting down a deposit, a family member puts 10% of the purchase price into a 3 year fixed term savings account.

If you’ve made all your mortgage payments, at the end of the 3 years your family member will get their savings back with interest.

And it’s your home. Your family member has no legal rights to it.¹

There are also a number of government homeownership schemes that could help you buy a home.

Use our tool to find out which homeownership scheme is right for you and read our guide on government homeownership schemes to learn more.

Types of calculators

Mortgage affordability calculator

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

They tell you how much you may be able to borrow with a mortgage.

You’ll usually be asked for:

  • salary

  • salary of anyone you’re buying with

  • deposit amount

The mortgage affordability calculator then works out how much you could borrow, and sometimes your monthly repayments as well.

Mortgage repayment calculator

A mortgage repayment calculator tells you how much your mortgage repayments could be each month.

It’s based on the amount you’re borrowing, how long you take out your mortgage, the interest rate and fees.

Mortgage overpayment calculator

Mortgage overpayment calculators show you how much you could save if you make extra payments.

Making extra payments means you’ll pay off your mortgage quicker. Your mortgage will be cheaper in the long run as you’ll pay less interest.

Extra payments could be:

  • a lump sum, such as an inheritance

  • regular extra monthly payments, such as a salary increase

Not all mortgages let you make overpayments, so check with your broker or lender.

Stamp duty calculator

Stamp duty is a land tax. It’s often the second biggest cost of buying a home after your mortgage.

How much you pay depends on how much you pay for your home and where it is.

A stamp duty calculator works it out for you.

Stamp duty in England and Northern Ireland

You have to pay stamp duty on residential properties that cost more than £125,000. 

There are different rules if you’re a first time buyer. If the purchase price is £500,000 or less you’ll pay:

  • nothing on the first £300,000

  • 5% on the rest up to £500,000

If the purchase price is more than £500,000 you pay the normal amount of stamp duty.

Stamp duty in Scotland

You don’t pay stamp duty on the first £145,000 of the purchase price of your home. 

First time buyers in Scotland don’t pay it on the first £175,000. 

Stamp duty in Wales

You don’t pay stamp duty on the first £180,000 of the purchase price of your home. 

There’s no discount for first time buyers.

Read our stamp duty calculator guide to learn more.

Remortgage calculator

A remortgage calculator lets you know if you can save money by remortgaging, either with your current lender or a new one.

There could be a better deal you could switch to which would lower your current monthly repayments.

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

You’ll need to know:

  • how much your home is worth

  • how much you still owe on your mortgage

  • current monthly repayments

  • how long your mortgage is for

Interest only mortgage calculator

An interest only mortgage is one when you only pay the interest in your monthly repayments. This means they can be quite low.

You also need to have a plan in place to pay the loan at the end of your mortgage, such as selling your home, an endowment or investments.

An interest only mortgage calculator works out how much your monthly mortgage repayments would be if you only paid the interest.

To use one, you need to know:

  • the interest rate

  • how long the mortgage is for

  • how much the mortgage is

Buy to let mortgage calculator

A buy to let mortgage calculator works out how much you might be able to borrow based on your rental income.

Some buy to let mortgage calculators will also tell you the expected monthly income from a buy to let property.

You’ll need to know your rental income and how much the property is worth to use one.

See our buy to let mortgage guide.

Help to buy mortgage calculator

A help to buy mortgage calculator tells you how much you’ll need to borrow if you take out this government scheme.

You’ll need to put in your deposit, the purchase price and whether you live in England, Wales or Scotland.

It’ll then tell you what your Help to Buy loan would be, as well as your remaining mortgage.

You’ll then need a normal mortgage calculator to work out what your monthly repayments might be.

Commercial mortgage calculator

A commercial mortgage is a loan secured on property that you don’t live in.

Businesses use them to buy a property or to release money from a building they already have to invest into the business. 

To use a commercial mortgage calculator, you’ll often need the following information:

  • purchase price

  • mortgage amount

  • annual interest rate

  • lender arrangement fee

  • how long the mortgage will last

It’ll then work out:

  • your monthly mortgage payments

  • the arrangement fee

  • how much it will cost you if the mortgage runs to its end

Offset mortgage calculator

An offset mortgage is when you link your mortgage to your current and saving accounts with the same lender.

Your total savings are taken off the amount of mortgage you pay interest on.

To use an offset mortgage calculator you’ll need to know the following:

  • property value

  • mortgage amount

  • how long the mortgage will be for

  • average current account balance

  • monthly savings

  • average savings interest rate

  • lump sums

  • tax band

The calculator will work out how much you could reduce the interest you pay or how long you pay your mortgage for.

Shared ownership mortgage calculator

When you buy a shared ownership home, you buy between 25% and 75% of its value and pay rent on the rest.

A shared ownership mortgage calculator lets you know how much you might be able to borrow and how much rent you’ll have to pay on the rest of the property.

You need to put in:

  • your salary

  • your outgoings

  • length of mortgage

  • deposit

Sources

¹ Lloyds Lend a Hand Mortgage

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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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