Mortgage Affordability Calculator
What is the maximum you can borrow?
Please enter your total gross income in the box below. This calculator is only a rough guide as it does not take in to account a large amount of factors that lenders consider.
Here are some examples of income you can enter;
- Gross annual salary
- Gross annual commission, over time, bonus, car allowance, etc
- Self employed income – please see this post for more detail on self employed income
- Some benefits – tax credit, child benefit, disability living allowance, careers allowance
- Pension Income
Please contact us for an accurate maximum affordability assessment.
We have written a Detailed & Definitive Guide to Mortgage Affordability.
Here are some basics on what incomes are acceptable.
Gross Annual Income can include the following:
- Some employment allowances
- Certain government benefits
- Child maintenance
- Self-employed income
- Salary and Dividends for company Directors.
Commission and Bonus.
For commission and bonus, a large majority of mortgage lenders will use the average of the last 3 months. So the calculate add up the total of commission/bonus for the last 3 months, divide then times by 12. That gives you an annualised total based on an average of your last 3 months. Add that to your annual salary and enter into the calculator above.
Certain government benefits.
This might include tax credits, universal credit, child benefit or disability living allowance.
Self Employed and company directors.
One of the most common questions we get asked is – if I’m self-employed, how will lenders assess my income and affordability? So we have written a post about is How Mortgage Lenders Assess Self-Employed Income we give an overview of the different ways that lenders assess the income of the self-employed for the purpose of mortgage lending. Worth reading if you’re looking for a self-employed mortgage.
For more information on mortgage afforability see this post on Detailed & Definitive Guide to Mortgage Affordability.
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