calculators

HOW MUCH CAN I BORROW FOR A MORTGAGE

The amount that you are able borrow will usually depend on two things - your annual disposable income and the amount that your chosen lender is prepared to lend in relation to that income. As a rule of thumb most lenders will currently lend a maximum of 3.25 times the first income plus one times the second income. As an alternative they will usually be prepared to add the two incomes together and multiply the combined figure by 2.5 times if this gives a higher figure than the first method.

Use the calculator below to work out how much you will be able to borrow. The calculator has been pre-set with the multiples shown above but if you have found a lender who is prepared to advance more than this then you may change the income multiple boxes to obtain the figure available.

	Applicant 1	Applicant 2	Total P.A.
Total Gross Annual Salary	£	£	£
Less monthly credit commitments	£	£	£
Net annual income for mortgage calculation purposes			£

Results:
x App 1. plus x App 2.			£
or:
x the joint income			£

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