This mortgage affordability calculator helps you calculate how much house you can afford in the UK. You will be able to determine how much money you can borrow for a mortgage to help purchase a home in the UK.
How does this mortgage affordability calculator work?
This mortgage affordability calculator takes various inputs to help calculate how much mortgage you would be able to afford to purchase a home in the UK. Inputs such as income, home price, down payment size, mortgage interest rate and amortization length all have an impact on how much home you will be able to afford based on your income.
What factors are used to determine home affordability?
Some of the common factors that lenders use to see how much mortgage you can afford in the UK include your credit score, the size of the deposit that you have as this is useful in calculating your LTV (Loan-to-value) ratio, youe employment type (employee, self-employed etc.) as well as the lender you choose impacts the critera they use in their selection process.
Disclaimer: This calculator provides an estimate for informational purposes only as mortgage lenders criteria may vary in determining the size of a loan you are able to have.