What mortgage can I afford? How much will my mortgage cost each month?
How much could you
Calculate how much you can borrow in the UK with our simple mortgage calculator. Calculate your monthly mortgage to work out how much you could afford to borrow when moving house, remortgaging, or buying your first home.
You could borrow up to
Estimated monthly mortgage cost £000,000
If you're ready to get a mortgage, the next step is to answer a few more questions.
Mortgage Interest rate: this will depend on your circumstances, and on the loan to value (LTV). As a general rule, the higher the LTV, the higher the rate that will apply to you.
Mortgage term: most mortgages have a term of 25-40 years. A mortgage advisor can help you understand the best options for you.
Our mortgage calculator is designed to help make things easier for you. It will give you an idea of how much you could borrow with your mortgage, and also calculate the monthly mortgage payment, and the maximum property value that you can afford.
To use our mortgage repayment calculator, please provide the total annual income from the mortgage applicants, and your available deposit.
The deposit is often time a big limitation for all buyers, irrespective whether you live in the expensive London area or elsewhere. Therefore, the suggestion is to have a “play around” with different levels of deposit, to see the impact this has on your target property purchase value; thus the mortgage calculator London scenarios will help you assess your available option and ranges of property prices based on different levels of deposit.
If you are employed, you would want to provide the annual gross salary that you receive from your employer, before any deductions for things like tax or pension contributions. Please also include things like commission, overtime and bonus; however, unless these are guaranteed, there are some specific rules for how this income is taken into account by a mortgage lender, and thus the calculator would only give you a preliminary indication, and you would need to speak to a qualified mortgage broker that could explain how this income is taken into account.
If you are self-employed, you would need to provide the net profit before tax that you have declared in your last available tax return. For company director’s income you may need to add your director’s salary and dividend income received. Whilst if you are a contractor, you may want to annualise your gross pay rate as a starting point. If you are self-employed, it is always a good idea to speak to an experienced mortgage advisor, as each mortgage lender treat the income from the self-employed differently, and an experienced mortgage broker can find out the most suitable mortgage lenders and options for you.
As a starting point for you, our online mortgage calculator London will give you an indication of how much you could borrow.
In the mortgage repayment calculator you should also provide a mortgage interest rate (for example 5%), and the overall mortgage term in years (for example 25 years); and by changing these two numbers, you will be able to see the impact that they will have on your monthly mortgage payment.
The mortgage calculator is free to use and there are no credit checks involved.
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