Mortgage Affordability Calculator

Tips on calculating your gross income.

Gross Annual Income can include the following:

  • Salary
  • Commission
  • Bonus
  • Some employment allowances
  • Certain government benefits
  • Child maintenance
  • Self-employed income
  • Salary and Dividends for company Directors.

So you take income from the above and add together. If you are a couple then add all elements of both incomes.

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.

Hey Mortgages IconHey Mortgages

Adamson House, 106 Wilmslow Road, Didsbury, Manchester

4.8 18 reviews

  • Avatar Joey Crone ★★★★★ 5 months ago
    Genuinley can't speak highly enough about Thomas. To say he went over and above for us is an understatement.
    He was proactive, knowledgable and diligent throughout our house move and helped us enormously with his experience and
    … More his good humour.
    Honestly, let him sort your mortgage. There won't be a better option.
  • Avatar Tina T ★★★★★ 4 months ago
    Helpful. Knowledgeable. Informative. Helped give me the information I needed & sought the most cost effective, suitable mortgage for my circumstances. Always available to answer any questions (no matter how many I had!) and kept me … More updated throughout. Would definitely recommend and use again if/when needed
  • Avatar bekki ★★★★★ 6 months ago
    I was recommended Hey Mortgages through a friend and I found Mr. Hughes to be very Knowledgeable, friendly and keen to get me the right product for my Mortgage. Since my remortgage with Mr. Hughes I have and will continue to recommend him … More to my friends and acquaintances. He has a professional manner which makes me feel I will get the best value on the market.
  • Avatar Anthony Chiu ★★★★★ 5 months ago
    We found Thomas through a recommendation and he has been professional and friendly throughout our remortgaging process, offering us sound financial advice along the way. We also didn't give him much time before our existing mortgage's … More fixed rate period was due to end, but he's managed to speed things up - we really appreciate this!
  • Avatar Dan Jones ★★★★★ a year ago
    Great service and support. We had a complicated set of needs and our advisor couldn't have been more helpful. Great attention to detail. Would highly recommended
  • Avatar Harry Mustoe ★★★★★ a year ago
    We have used Thomas for a number of private and business mortgages. Thomas is a personable and knowledgeable advisor. There is no hard sell just a clear overview of the options. Once you choose a mortgage Thomas drives things personally … More ensuring minimum hassle and on time completion!
  • Avatar runninglate100 . ★★★★★ a year ago
    Couldn't have asked for better advice and support to buy my first house and negotiate my recent remortgage. Trustworthy, honest and clear explanations through the whole process. Thank you Cai!
  • Avatar pontdain . ★★★★★ a year ago
    Thomas at Hey Mortgages has now successfully brokered two mortgages for me and they were both arranged with a minimum of hassle.