How much can I borrow?

How Much Can I Borrow Calculator FAQs

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.

• What is a mortgage calculator?

  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.

• Who is a mortgage calculator for?

  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.

• What information will I need?

  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.

• Will this affect my credit score/credit history?

  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.

• What affects how much I can borrow?

  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:

  • Any outstanding loans or credit card debt. For example, a loan to pay for a kitchen renovation or a PCP car finance contract.
  • Your monthly bills including council tax, utilities, phone contracts
  • Your monthly travel costs
  • Whether you have children or not
  • Your credit score
  • The amount of deposit you have to put down
• Does my age affect how much I can borrow?

  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.

• I have a big income but I can’t borrow as much as I was expecting?

  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.

• I have a big deposit, why can’t I borrow more?

  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.