Cashback Remortgages · Mortgage knowledge
How Much Can I Borrow for a Mortgage?
How much you can borrow depends on a lender's affordability assessment, not just a multiple of your income. This page explains the drivers and points you to tools to explore the numbers. It is not an affordability decision or an offer.
Income multiples are only a starting point
As a rough guide, many lenders lend around 4 to 4.5 times income, and some more in particular circumstances, but this is only a starting point. The real figure comes from an affordability assessment that weighs your commitments and stress-tests the payment against a higher rate.
Because approaches differ, two lenders can offer noticeably different amounts for the same applicant.
What changes the figure
Regular commitments (loans, credit, car finance), dependants, income type (employed, self-employed, variable pay) and the property all affect the outcome. Reducing commitments before applying, or a longer term, can change what you can borrow — a longer term lowers the payment but raises total interest.
A larger deposit changes your loan-to-value band and the rates available, rather than the affordability test itself.
Explore the numbers, then get advice
Use the repayment calculator to see what a given loan would cost each month, and test a higher rate to check your budget is resilient. Then speak to an adviser, who can indicate realistic borrowing for your circumstances and arrange an agreement in principle.
An agreement in principle frames a budget but is conditional and is not a full offer.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.