Skip to content

Mortgages: How much can I borrow?

Mortgages: How Much Can I Get?

When it comes to getting a mortgage, you will need to find the right balance between borrowing enough to make the purchase, but not too much that makes the repayments unattainable and potentially become a problem in the future. But how much can I borrow?

Whilst the amount you could borrow will largely depend on your income, mortgage lenders will take into consideration other financial commitments such as loans, credit cards, other debt and other monthly commitments.

Typically, we will be able to offer a maximum of four-and-a-half times the combined annual income of you and anyone else buying the property with you. For example, if you have a total household income of £50,000 a year, you potentially could be offered up to £225,000.

For those with larger deposits, higher earnings, or certain professions with high wage growth such as a doctor or dentist, may be offered more and be able to borrow as much as five-and-a-half times your household income.

Mortgage affordability assessments

During the process of deciding how much you can borrow, lenders will take you through an affordability assessment to look at your earnings in a month and evaluate this against your spending. Not only will it be a direct comparison, but lenders will also be interested what you are spending your money on, so be sure to think carefully on your transactions when looking to gain a new mortgage.

Income to be considered;

  • Paid Work
  • Benefits
  • Income from other sources
  • Outgoings such as the gym, social life or childcare
  • Debt repayments such as credit card bills
  • Regular bills such as gas and electricity
  • Transport
  • Food and Drink
  • Leisure activities

So what’s next

Speak to expert mortgage advisor with all of the relevant information and we can tell you exactly how much you can borrow, mortgage options available, repayment and guide you every step of the way.

Ready to get started? Search Mortgages
Interested to know how much you can borrow?

Get in touch with our team at Expert Mortgages Call Now

Find a mortgage right for you

Our key responsibly is to find the right deal for you. This involves searching the market for the most competitive mortgage rates and products, whilst considering your unique circumstances.

Start your mortgage application

With over 90 lenders at hand and competitive rates you can be confident we have a solution for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

Here to help you every step of the way

We use cookies to personalise your experience. By continuing to visit this website you agree to our use of cookies.