How Much Can I Borrow?

When applying for a mortgage, most lenders calculate how much they are willing to lend you based on your income and expenditures (including your partner's, if it's a joint application). Generally, the lower your income or the more outgoings you have, the less you are likely to be able to borrow.

The calculator below provides useful information on what you could borrow based on a few assumptions, it is designed only for this purpose. Get free mortgage advice and find out exactly what you could borrow with L&C by calling 0800 073 1951.

Find out much you could borrow for a mortgage based on your income

Your income

£20000

£5,000

£200,000

Your partner's income

£20000

£0

£200,000

Based on the Information you have given us you could borrow between:

£0 - £0

The calculator above only provides a rough overview of what you could borrow and doesn’t take into account other standard outgoings such as childcare, debts and credit card repayments or any dependants. All these can have an impact on what a lender decides to lend for the mortgage. Speaking to a mortgage lender or broker is likely to provide a more accurate value. When you do so, you can then get something known as an agreement in principle (AIP). The lender however, is not bound by this and may carry out further checks before lending you the money.

In terms of mortgage and re-mortgage rates, these are usually provided in LTV (loan to value) bands. Generally, the bigger your deposit is for the property, the lower the interest rate is likely to be, meaning lower monthly repayments. Most lenders have different interest rates, based on the LTV bands, see below on just how much can be saved by having a higher deposit amount.

DEPOSIT 10% 20% 25% 40%
Interest Rate 2.5% 2.1% 1.8% 1.09%
Loan Amount £225,000 £200,000 £187,500 £150,000
Monthly Cost £1009 £857 £777 £571
Total Payment Over 3 Years £36,324 £30,852 £27,972 £20,556

Free Mortgage Advice with L&C

The team at L&C believe that buying a home should be fun and remortgaging should be simple.

Finding the right mortgage and moving house can feel both time-consuming and daunting. Especially when there are so many options and decisions to be made. That’s why L&C do all the hard work for you. They’ll search for great deals across the market, and as the UK’s leading fee free mortgage broker, they won’t charge you a penny. Get in touch with one of their expert advisers and find the right mortgage for you.

Our Mortgage Calculators

How much can I borrow?

Discover how much you could borrow using our simple calculator.

How Much Will It Cost?

Discover how much your monthly mortgage costs could be with our easy to use tool.

Stamp Duty Calculator

Discover how much stamp duty tax you will have to pay when buying a property.

Rate Change Implication

Discover the impact an increase or decrease in interest rates can have on your mortgage repayments.

Mortgage Overpayment

Discover how mortgage overpayments may reduce interest costs and save you money on your mortgage payments.

Early Repayment Charge

Discover how much it will cost to exit a mortgage agreement early.

Looking for a mortgage or need some advice? Speak to an expert at L&C today

The House Network Mortgage Service is provided by London & Country Mortgages (L&C), Beazer House, Lower Bristol Road, Bath, BA23BA, London & Country are authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

Christmas Special Offer - limited to the first 200 clients

Instruct now - don’t pay for 10 months and get £150 Amazon vouchers from us!

 Days
 Hours
 Minutes
 Seconds