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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

How Much Can I Borrow for a Mortgage?

by Brean Horne and Tim Leonard

Edited by Adam French

Updated 21 June 2024 4 minutes read

Mortgage borrowing calculator

Use our mortgage calculator to find out how much you may be allowed to borrow through a mortgage to buy a house. Share details of your income – and your partner’s, if applicable – to get an estimate of the mortgage you may be able to afford.

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Tell us what you’re looking for and see current UK mortgages available, including rates, repayments and product information. Continue online to our partner L&C for fee-free mortgage help and advice.

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Mortgage Amount

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Interest-only Amount

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Showing 3 of 50 results

Lender Name	Initial Rate	Monthly Repayments	Product Fees	Annual Cost
Allied Irish Bank	4.53% initial rate Fixed to 30/11/29 then 7.50% (variable) Max LTV 90%	£1,254.00 Monthly Repayments	£200.00 Product Fees 6.5% APRC	£15,093.52 Annual Cost
Representative Example more info	6.5% APRC Max LTV 90%		CONTINUE ONLINE
Fees and Charges Booking fee £0 Arrangement fee £0 Other fees £0 Valuation fee £200 Cashback £ 0 Flexibility & Other info Overpayments allowed? Early Repayment Charge 6 months interest until 30/11/29 Exit fee £55 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? Arrangement fee £0 Early Repayment Charge 6 months interest until 30/11/29 Other fees £ 0 Exit fee £55 Valuation fee £200 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.53% and then on a variable rate of 7.50% for the remaining 20 years would require 60 payments of £1,254 and 240 payments of £1,593. The total amount payable would be £457,760 made up of the loan amount plus interest (£232,560) and fees (£200). The overall cost for comparison is 6.5% APRC representative.
Virgin Money	4.62% initial rate Fixed to 01/01/30 then 8.99% (variable) Max LTV 90%	£1,266.00 Monthly Repayments	£995.00 Product Fees 7.57% APRC	£15,391.00 Annual Cost
Representative Example more info	7.57% APRC Max LTV 90%		CONTINUE ONLINE
Fees and Charges Booking fee £0 Arrangement fee £995 Other fees £0 Valuation fee £0 Cashback £ 0 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 2% until 01/01/30 Exit fee £99 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £995 Early Repayment Charge 5% reducing to 2% until 01/01/30 Other fees £ 0 Exit fee £99 Valuation fee £0 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.62% and then on a variable rate of 8.99% for the remaining 20 years would require 60 payments of £1,266 and 240 payments of £1,781. The total amount payable would be £504,395 made up of the loan amount plus interest (£278,400) and fees (£995). The overall cost for comparison is 7.6% APRC representative.
Nationwide	4.64% initial rate Fixed for 5 years then 7.74% (variable) Max LTV 90%	£1,269.00 Monthly Repayments	£999.00 Product Fees 6.72% APRC	£15,422.64 Annual Cost
Representative Example more info	6.72% APRC Max LTV 90%		CONTINUE ONLINE
Fees and Charges Booking fee £0 Arrangement fee £999 Other fees £0 Valuation fee £0 Cashback £ 0 Flexibility & Other info Overpayments allowed? 10% p/a Early Repayment Charge 5% reducing to 1% for 5 years Exit fee £65 Basic legals Payable Fees and Charges   Flexibility & Other info Booking fee £0 Overpayments allowed? 10% p/a Arrangement fee £999 Early Repayment Charge 5% reducing to 1% for 5 years Other fees £ 0 Exit fee £65 Valuation fee £0 Basic legals Payable Cashback £ 0 Representative example A mortgage of £225,000 payable over 25 years, initially on a fixed rate for 5 years at 4.64% and then on a variable rate of 7.74% for the remaining 20 years would require 60 payments of £1,269 and 240 payments of £1,625. The total amount payable would be £467,139 made up of the loan amount plus interest (£241,140) and fees (£999). The overall cost for comparison is 6.7% APRC representative.

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Think carefully before securing other debts against your home.  You home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.

Important Information:
This mortgage product comparison service is provided by L&C Mortgages. Information is updated up to twice daily from L&C’s whole of market mortgage database, however some products may be excluded such as those only available directly with a lender or specialist products. Products are initially shown in order of initial rate but can be reordered. By selecting to Continue Online you will introduced to L&C Mortgages and their qualified advisors a Nerdwallet brings you this mortgage rate comparison as a guide. Information does not constitute advice or recommendation. Rates should be considered with all fee’s and charges. Mortgage suitability is specific to your own personal and financial circumstances.

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Need Advice?

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Need Advice?

NerdWallet has partnered with L&C, the UK's leading fee free mortgage broker, to offer you expert advice

Call L&C on:
0808 292 0841

What affects the mortgage you can get?

The main factors lenders usually consider when working out how much mortgage you can afford are your:

• Income – this could include money you receive from wages, pensions, investments, bonuses, commission, rental income, benefits or maintenance payments. 
• Outgoings – this will cover essential expenses, such as food, energy bills, travel and childcare, but also maybe spending on things such as clothes, holidays and leisure activities. 
• Debts – the payments you make on existing credit agreements, such as credit cards, overdrafts or loans.
• Deposit – a bigger deposit can often make it easier to get the mortgage you need.  
• Employment status – whether you are employed full-time, part-time, self-employed, unemployed or retired.
• Credit history – this includes your credit score, which lenders use to get an idea of how good you are at managing your finances.
• Future – this involves judging whether you could still afford to pay your mortgage in various circumstances, such as losing your job, interest rates rising, or having children.    

» MORE: All about mortgage eligibility

How many times your salary can you borrow for a mortgage?

Typically you may be able to borrow somewhere between  4.5 and 5.5 times your salary for a mortgage. However, this can vary depending on the lender, while you’ll also need to pass the affordability checks. Some lenders may allow bigger salary multipliers if you work in a certain profession. 

How much will a mortgage lender lend me? 

Getting a mortgage in principle from a lender will give you an idea of how much they may be willing to lend you. This isn’t a promise that you’ll be offered a mortgage or the amount it suggests, but it’s a good check to make before starting a full mortgage application. 

» MORE: Best mortgage lenders    

How can I get a bigger mortgage? 

Some of the main ways to try to get a bigger mortgage include improving your credit score and making sure your net income, which lenders look at when working out the mortgage you can afford, is as high as it can be. Cutting back where you can to lower your outgoings and paying off existing debts may both help. 

Having a bigger deposit may also help get a larger mortgage. You may have family or friends who are willing to help you out with a lump sum or support you in getting a guarantor mortgage. Alternatively, the combined buying power of getting a joint mortgage with someone else may also allow you to borrow more. Choosing to pay off your mortgage over a longer mortgage term could help too, though this does mean you’ll end up paying more in interest overall. 

» MORE: Getting help saving a mortgage deposit 

What mortgage deposit do I need? 

The smallest deposit usually needed is 5% of the property you’re buying, as this means you can then start looking at 95% loan-to-value mortgages. However, because mortgage rates tend to be lower if you can put down a larger deposit, it’s often worth saving as much as possible. 

If you’re struggling saving a deposit of any kind, a handful of no deposit 100% mortgages are available, but you’ll usually need a relative or friend to be your guarantor.

» MORE: How much deposit do you need for a mortgage? 

Useful links

• Mortgage calculators
• Buy to let mortgage calculator
• Mortgage interest rate calculator
• Mortgage overpayment calculator
• Mortgage repayment calculator
• Stamp duty calculator

About the Authors

Brean Horne

Brean was a writer and spokesperson for NerdWallet who covered a variety of topics including money-saving tips, credit scores and managing debt. With over five years' experience in finance, she…

Read more about Brean Horne and explore their articles

Tim Leonard

Tim is a writer and spokesperson at NerdWallet and holds the Chartered Insurance Institute (CII) Level 3 Certificate in Mortgage Advice. He has over 20 years’ experience writing about almost…

Read more about Tim Leonard and explore their articles

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