How Much Can I Borrow Calculator
Get an estimate of the amount that you may be allowed to borrow for your first home, remortgaging, or investment property. Use our borrowing calculator and know the estimated amount now.
Mortgage Calculator
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 Term in years
.05
Click on calculate
Click on calculate and you will get the maximum loan amount and monthly mortgage payment
Note: Be mindful that these calculators only provide estimation. For exact valuation you need to call our expert!
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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.
Why Prefer 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.
FAQ’S
How accurate is the "How Much Can I Borrow" calculator?
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.