How Much Can I Borrow Calculator
Use our free contractor mortgage calculator to quickly estimate how much you could borrow based on your income. On this page, you’ll also find helpful information about mortgage eligibility and what lenders are looking for. Whether you’re a limited company director, freelancer, or self-employed, we’re here to help you understand your borrowing potential and take the next step with confidence.
Almost there!
Please provide your details to see your mortgage calculation resultsYour Estimated Borrowing Amount
How to use How Much Can I Borrow Calculator
To check the complete comparison for remortgaging, put the following details into the calculator:
.01
Annual Income
Enter your annual income in Pound Sterling (£)
.02
Day Rate Income
Then Enter day rate income in Pound Sterling (£)
.03
Loan Multiple
Now Put the value of your loan multiple
.04
Loan Term
Write Loan Terms in Years
.05
Click on calculate
Click on Calculate to see your maximum loan amount and monthly payment.
Note: Be mindful that these calculators only provide estimation. For exact valuation you need to call our expert!
Factors That Affect How Much You Can Borrow
When figuring out how much you can borrow for a mortgage, lenders look at a few key things. Our calculator gives you a rough idea, but there’s more to it. Lenders want to know how you manage your money day to day.
Here’s what they’re interested in:
Credit score and history: This tells them how well you handle money and pay your bills. They’ll use it to decide if you’re a safe bet to pay back the loan.
Personal income: Lenders will ask how much you earn, including any bonuses or tax credits. This helps them figure out how much you can comfortably afford.
Your outgoings: They’ll also check what you spend each month, like on childcare, credit cards, or car payments. They want to see if you can save for a deposit and keep up with mortgage payments.
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We'll get back to you shortly.Why Choose Us
Optimised
Repayment Plans
The calculation takes into consideration the volatile earnings, flexible to enable the repayment plan to correspond with the income flow of the client thus enabling easy management of mortgage.
Maximised Investment
Potential
This way, you can pinpoint the best investment opportunities, knowing what you can invest in and how it affects your financial plan.
Reduced Risk of
Overborrowing
By considering your specific financial situation, these calculators help prevent overborrowing, ensuring you choose a mortgage you can comfortably manage.
Clear Financial
Insights
The calculation is quite clear regarding the financial position of the buyer that further allows in making wiser decisions in regards to mortgaging the property or borrowing the payment.
Compare & Find the Right Mortgage for You
Don’t settle for less—explore, compare, and secure the best mortgage deal tailored to your needs.
Mortgage Comparison
Find the Right Mortgage in Minutes
Finding the right mortgage can be overwhelming, but we make it simple. Our mortgage comparison tool lets you explore options from top lenders, ensuring you get the best deal for your situation. Whether you’re a contractor, self-employed, or a first-time buyer, you can compare interest rates, loan terms, and monthly payments all in one place. Get a clear breakdown of costs and repayment terms before making your decision. With tailored solutions for contractors, securing the right mortgage has never been easier.
Mortgage Quote
Personalized Mortgage Quote, Instantly
Want to know how much you can borrow and at what rate? Our mortgage quote tool gives you a quick, no-obligation estimate based on your income and financial profile. We specialize in contractor mortgages, ensuring you get access to exclusive rates designed for self-employed professionals.
With no impact on your credit score, you can explore your mortgage options with confidence. Get a personalized quote in minutes and take the next step toward securing your dream home.
FAQ’S
How accurate is the "How Much Can I Borrow" calculator?
The calculator provides an estimate based on the details you enter, giving you a general idea of the amount you may be eligible to borrow. However, it doesn’t take into account all factors, such as your full credit history or detailed expenses. For a precise assessment, it’s best to speak with one of our experts.
What factors affect how much I can borrow for a mortgage?
Several factors influence your borrowing potential, including your annual income, credit score, existing financial commitments, and spending habits. Lenders look at these aspects to determine how much you can comfortably afford to repay.
Can contractors use this calculator to estimate their borrowing capacity?
Yes, our calculator is specifically designed to help contractors estimate their borrowing capacity. By including options to enter your day rate income, it can give a more accurate estimate for contractors with flexible earnings.
Does the type of property I want to buy affect the amount I can borrow?
Yes, the type of property (first home, investment property, or remortgage) can influence the loan amount. Different types of properties may have specific lending criteria, and lenders may consider the associated risks.
How does my day rate as a contractor influence the borrowing amount?
As a contractor, lenders often use your day rate to calculate your annual income. They may multiply your day rate by a set number of days (e.g., 230 days) to estimate your annual earnings, which will then be used to assess how much you can borrow.
Why do lenders consider my credit score when deciding how much I can borrow?
Your credit score gives lenders a sense of your financial behaviour, including how reliably you’ve paid off debts in the past. A higher credit score can make it easier to borrow more, while a lower score might limit your borrowing potential.