Affordability Check
Find out how much you could borrow and what your total property budget might be, based on your income, deposit, and current interest rates.
Affordability Calculator
20% equity loan (40% in London) for eligible new builds
Affordability at different multiples
| Multiple | Borrowing | Budget | Monthly |
|---|---|---|---|
| 3.0× | £150,000 | £175,000 | £834 |
| 3.5× | £175,000 | £200,000 | £973 |
| 4.0× | £200,000 | £225,000 | £1,112 |
| 4.5× | £225,000 | £250,000 | £1,251 |
| 5.0× | £250,000 | £275,000 | £1,390 |
| 5.5× | £275,000 | £300,000 | £1,529 |
This is an estimate only – speak to a mortgage adviser for personalised advice. Actual mortgage offers depend on your income, outgoings, credit history, and the lender's criteria. Help to Buy: Equity Loan has eligibility requirements – visit gov.uk for details.
How is mortgage affordability calculated?
Lenders typically offer between 3× and 5.5× your annual salary as a mortgage, depending on your credit history, outgoings, and the lender's own criteria. A salary multiple of 4–4.5× is the most common starting point for standard applications.
What affects how much you can borrow?
- Salary – Your gross annual income is the primary factor. Joint applications combine both salaries.
- Deposit – A larger deposit improves your loan-to-value ratio and may unlock better rates, but does not directly increase borrowing.
- Outgoings – Lenders assess existing debts, childcare costs, and regular commitments when deciding affordability.
- Credit history – A strong credit record can help secure higher multiples and lower interest rates.
Salary multiple explained
The salary multiple is the ratio lenders use to cap your borrowing. At 4.5×, an annual salary of £50,000 gives a maximum mortgage of £225,000. Adding a £25,000 deposit brings your total property budget to £250,000.
This calculator provides estimates only. Actual mortgage offers depend on your circumstances, outgoings, credit history, and the lender's criteria. Seek independent mortgage advice before making any decisions.