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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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Kirsty G
"David - Coreco Incredible I very rarely leave reviews, but after working with Coreco for a..."
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I very rarely leave reviews, but after working with Coreco for a number of years, I felt that credit really was due.David WS first helped me as a first-time buyer and has now supported me through the purchase of my second property. Throughout that time, he has been consistently exceptional. He is incredibly responsive, thorough and informative, and has a brilliant ability to explain what can sometimes feel like a complicated process in a really simple, reassuring and non-condescending way.What I particularly appreciate is that David doesn’t just tell you what your options are, he takes the time to make sure you genuinely understand them. His knowledge is extensive, but he communicates it in such an approachable and educational way that you always feel comfortable asking questions.His work ethic is incredible and he continually goes above and beyond. I have always felt completely confident that everything is being handled properly and that I’m in very capable hands, which is invaluable when making such a significant financial decision.Having now worked with David through two property purchases, I trust him completely and genuinely wouldn’t want to use anyone else. I couldn’t recommend him highly enough.
Will
"Professional and effective Scott, Stacey and the rest of the team advised on and secured my..."
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Scott, Stacey and the rest of the team advised on and secured my mortgage with seamlessness, professionalism and the kind of timeliness that is rare to come by while one is purchasing a property. I would wholeheartedly recommend them.
Jacob T
"**Excellent support throughout a very difficult mortgage process** I would like to thank Louise and the..."
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