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This mortgage calculator is designed to give a quick quote for those looking to find out what they can potentially borrow for a residential mortgage.
Lenders mostly use your income to decide how much they’re willing to lend you; however, things such as your credit score and your deposit are also a factor. For a more accurate figure talk to one of our brokers who can take your personal circumstances into account.
If you’re worried about increased interest rates or affordability speak to one of our helpful brokers for free support.
Some frequently asked questions we receive about our mortgage borrowing calculator as well as general mortgage FAQs. If your question isn’t here our team will be happy to help answer any of your questions.
A mortgage calculator is a quick way to find out how much you might be able to borrow. There are also mortgage repayment calculators which show you what you would pay each month as well as remortgaging calculators to see how much you could save on your monthly and yearly mortgage repayments.
Mortgage calculators are for people who are looking to buy their first home or looking to buy a new home and wish to know how much they could lend. Remortgage calculators are for people who already have a mortgage but are looking to find a better rate.
To find out how much you can borrow you will need to know your yearly income before tax and any regular bonuses you receive. If you’re looking to apply for a mortgage with another person you will need their yearly income and regular bonuses.
Our calculators don’t make any soft or hard credit checks so playing around with our calculators won’t affect your credit score or credit history.
There are a few factors that will affect how much you can borrow. While your income is the single biggest factor in determining the amount you can borrow the following will also affect the amount:
Most mortgages are designed so that you come to the end of your repayments when you’re close to retirement age. This means that as you get older the term on your mortgage may become shorter which can lead to lenders offering you a smaller loan. At Coreco we know the pitfalls of getting a mortgage in your later years and our expert brokers are here to help.
Most mortgage lenders require a minimum 5% deposit to ensure that if the worst comes to the worst they can recoup the value of your mortgage without losing money. If you have a large income and a large deposit there could be other issues such as a poor credit rating or large monthly outgoings.
While lenders like you to have a big deposit and will offer better interest rates to those who do, the biggest thing that affects how much you can borrow is your annual salary.
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Clare B
"Louise Stevens was exceptional Louise Stevens was exceptional. We’d decided to switch to a “lifetime mortgage”..."
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Louise Stevens was exceptional. We’d decided to switch to a “lifetime mortgage” to be able to afford to retire. Louise sourced the best mortgage product for us - Equity Release - saving us £1400 per month. She supported us throughout the remortgage process with professionalism and limitless patience. I would definitely recommend Coreco particularly Louise.
J T
"My wife and I cannot thank Louise and the team enough for their outstanding support in..."
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V Thorpe
"Would genuinely highly recommend the firm Coreco. Coreco have Exceptional Staff and are an efficient Firm...."
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