Mortgage Calculator

Most lenders will offer between 4 and 4.5 times your annual income. For joint applications, both incomes are combined. Your borrowing amount is also affected by your deposit size, existing debts, monthly commitments, and the number of dependants you have.

The minimum deposit is typically 5% of the property price, though 10-20% will give you access to better interest rates. A larger deposit means a lower loan-to-value (LTV) ratio, which lenders view more favourably.

LTV is the percentage of the property's value that you borrow. For example, if you buy a £200,000 property with a £20,000 deposit, your LTV is 90%. Lower LTV ratios typically mean lower interest rates and more mortgage deals to choose from.

Monthly repayments depend on the amount borrowed, the interest rate, and the mortgage term. For example, borrowing £200,000 at 4.5% over 25 years would cost approximately £1,111 per month on a repayment mortgage. Our calculator gives you an instant estimate.

Yes, spreading your mortgage over a longer term reduces monthly payments. However, you will pay more interest overall. A 25-year term is standard, but terms from 5 to 35 years are available. Use our calculator to compare different terms.

Yes, lenders factor in your existing monthly commitments including loans, credit cards, car finance, and childcare costs. Higher commitments reduce the amount you can borrow. Paying off debts before applying can increase your borrowing power.

While income is a key factor, there is no fixed minimum. Lenders assess affordability based on your full financial picture. Joint applications, government schemes like Help to Buy, and shared ownership can help if your income is lower.

A mortgage adviser can access deals from across the market, including exclusive rates not available directly. They assess your full financial situation and recommend the best options. Homemove offers free, no-obligation mortgage advice.