Mortgage calculator
Not sure how much you could borrow for a mortgage, or how much your monthly mortgage repayments are going to be? Our quick and easy-to-use mortgage calculator is here to help.
Once our mortgage calculator gives you an idea of what you can borrow and what your mortgage repayments might look like you'll be able to see what mortgage deals suit your needs best.
Our mortgage calculator
The L&C mortgage calculator helps you figure out how much you could borrow for a mortgage based on your income.
Mortgage affordability is judged on many different things, such as your credit history, monthly outgoings and deposit, and could vary from lender to lender. Sometimes taking out a joint mortgage could increase the amount you can borrow, especially if you both have well-paid jobs.
If you’re a first time buyer, then our mortgage calculator can help you get started. These mortgage calculators will give you a good idea of borrowing amounts and costs. If you have any questions, contact one of our expert mortgage advisers to get a complete picture of where you stand and what to do next.
Our mortgage repayment calculator
Our mortgage repayment calculator can show you how much your mortgage payments will be each month. We base it on the amount you want to borrow, the interest rate, and the number of years you’ll be paying back the mortgage which helps you check if your mortgage is affordable.
To calculate your monthly payments, simply adjust these three details in the mortgage calculator:
● The amount you want to borrow
● The interest rate
● The number of years to repay the mortgage
The mortgage repayment calculator will show your likely monthly repayments and the total amount you'll pay over the term. It also shows how much interest you’ll pay.
Keep in mind that most deals only last for a few years, after which your interest rate may change. You'll have to remortgage to stop being moved to your lender’s standard variable rate, which could lead to higher monthly payments.
Use our Mortgage Finder for a personalised quote
Our Mortgage Finder will show you how much you can borrow for a mortgage and what your monthly mortgage repayments might be. Then our Mortgage Finder’s unique mortgage affordability calculator will check over 45 lenders’ results and generate your mortgage in principle.
A decision in principle is a certificate indicating how much a lender is theoretically willing to lend you. It’s not a guarantee of a mortgage approval but it’s the initial step in the mortgage process.
This certificate is an indicator that if you pass a lender’s mortgage affordability checks, you might be able to buy a property up to the stated value. You’ll also be able to see what your monthly repayments could hypothetically cost.
Get a Mortgage in Principle
See how much you can borrow and which deals you could be eligible for, and we'll email your certificate in minutes.
No credit check needed
We'll check affordability for up to 45 lenders
Fee free, no obligation decision
Important information about our mortgage calculator
We’ve put this mortgage calculator together to help you get an idea of what mortgage you could afford and the monthly repayments, however the rates and figures shown are for illustrative purposes and realistically the rate you pay will change during your chosen mortgage term. Before taking any mortgage out you should get a personalised illustration showing the full costs and charges, and if you have any questions on this please speak to your adviser.
FAQs about our first time buyer mortgage calculator
How many times your salary can you borrow for a mortgage?
The amount you can borrow will vary between lenders, but - assuming you pass affordability checks - most lenders allow you to borrow up to between 4.5 and 5.5 times your annual salary. That means that if you earn £30,000, you may be able to get a mortgage of around £150,000. Some lender offer mortgages up to 6 times your salary but this tends to be limited to certain products or professions. Bear in mind that, as well as your salary, lenders will take other factors into account such as your monthly spending, your deposit size, your age, and type of employment.
How are your repayments calculated?
Your mortgage repayments depend on several factors, including how much you’re borrowing, your mortgage term, and the rate of interest you’re paying. If you opt for a repayment mortgage you’ll make monthly repayments which cover both the capital you borrowed and the interest due. If it’s interest only you’ll just be paying the interest rather than reducing the amount you owe. You can find out more about this in our repayment vs interest only guide.
On a repayment mortgage the longer the mortgage term you choose the cheaper your monthly payments will be, but you’ll end up paying back more overall. If you choose a shorter term, your monthly payments might be higher, but you’ll reduce the total amount of interest you need to pay back, as you’ll be paying off the loan more quickly.
Calculating monthly payments
Once you’ve got an idea of how you’d like to repay your mortgage and how much you can borrow you can get started and calculate your monthly repayments. To work out exactly how much you’ll pay every month, you’ll need to know how much you want to borrow, over how many years, and what interest rate you’ll be paying.
You can then enter these figures into our repayment calculator and it’ll crunch the numbers and tell you how much your repayments might be every month, as well as the total amount you’ll pay over the term. You’ll also see exactly how much interest you’ll pay overall, and when you use our mortgage overpayment calculator, overpayments can also be added to see how this can help bring the total amount you’ll pay down.
Remember that you’re unlikely to pay the same interest rate throughout your mortgage term though, as most deals only last for a few years. If you don’t remortgage to another deal after your initial deal ends, you’ll default to your lender’s standard variable rate which is likely to result in higher monthly payments.
How is a mortgage calculated?
Mortgage payments have two separate parts: the total amount you’ve borrowed (the capital) and the interest charged on your loan. If you have a repayment mortgage, your monthly payments will cover both of these parts, with a portion of your monthly payment going towards the capital, and the other part covering the interest on your debt. With an interest only mortgage you are only covering the interest with your mortgage payments so the amount you owe is not reducing each month. So, in summary your mortgage payments are calculated based on the amount borrowed, the term of your mortgage, the type of mortgage you’ve chosen, and the interest rate. When you take out a mortgage through L&C, we’ll take you through the options and ensure you understand exactly how much you’ll have to pay back every month.
Can you borrow more money than your house costs?
If you’re buying a property that needs renovation, you might be wondering whether you can take out an additional amount on your mortgage to cover the work that needs to be done. Unfortunately, lenders base their mortgage offers on the lower of the purchase price or current value of the property. If you have a large deposit you may be able to hold some of that back to carry out the work and borrow more on your mortgage, but generally lenders will not lend more than 90-95% of the current value.
How can you increase your chances of getting mortgage approval?
To ensure you have the best possible chance of obtaining mortgage approval, make sure that you check your credit report before starting the mortgage application process. When reviewing your report, which can be done for free via credit reference agencies like Experian, make sure there’s no incorrect information, as any discrepancies could affect your mortgage application.
You should also try and save as big a deposit as possible, but if you are a first time buyer or finding it difficult to save up enough for a big deposit, there are options available to you. You could look at schemes like shared ownership or shared equity, or a guarantor mortgage where a family member agrees to meet your monthly repayments if you can’t. Use our mortgage loan calculator to work out how much you might need to borrow and what deposit you need to save.
To figure out how much deposit you need it’s helpful to know what ‘loan to value’ (LTV) means, so the size of mortgage in relation to the value of the home you want to buy. The lower your LTV, the wider range of mortgages are available to you.
FAQs about our remortgage calculator
Why remortgage?
Whether you’re looking to switch to a better deal, coming to the end of your existing mortgage term, or want to borrow money against your property, a remortgage could be the solution for you.
When you first take out a mortgage, your initial rate is often an introductory offer that lasts for a set time, like two, five, or ten years. Once this period ends, most people are moved onto their lender’s SVR.
If you’re on your lender’s SVR, you’ll probably be paying more than necessary. Remortgaging can give you peace of mind, especially if you switch to a fixed-rate mortgage, where your repayments stay the same for a set period. However, if you’re thinking about switching before your current deal ends, keep in mind any Early Repayment Charges and other fees—this is where our advisers can guide you.
How long does the remortgage process take?
If you’re considering remortgaging, you might be curious about how long it takes. Generally, the remortgaging process could take as little as 6 to 10 weeks once you submit your application, however this will be dependent on the lender and your completion date will be dependent on the conveyancing work and ensuring the new mortgage only starts after your existing early repayment charge ends. That being said it’s best to get in touch with your L&C mortgage adviser around 4 months before your current deal ends so we can find the best deal for you.
Can I get a cheaper mortgage if my property has increased in value?
If you have a repayment mortgage and your home’s value has increased or remained stable, your Loan to Value ratio will be lower. The LTV measures the amount you’re borrowing against the property's total value, expressed as a percentage. A lower LTV can give you access to a wider range of mortgage options and potentially better rates.
Is it the right time to remortgage?
There isn’t a straightforward yes or no answer to whether you should remortgage; it really depends on your individual circumstances.
Think about why you want to remortgage and any fees that might come with it. For example, if you leave your current mortgage deal early, you could face an early repayment charge, which can be quite high. That’s why it’s a good idea to speak with a broker; they can help explain your remortgage options and assist you with the numbers. There isn't a simple yes or no answer to this question; the decision depends on your specific situation.
Consider your reasons for wanting to remortgage and any potential fees involved. For instance, exiting your current mortgage deal early may result in an early repayment charge, which can be quite substantial. This is why it's advisable to consult with a broker; they can clarify your remortgage options and assist you with the calculations.
Can I remortgage for home improvements?
If you’re planning home improvements you might be able to remortgage and borrow more, provided you have enough equity in your home. This extra money could then be used to fund your renovations.
FAQs about our moving home mortgage calculator
How much mortgage can I get when moving house?
The amount you can borrow will depend on your income, outgoings, credit score, and the lender’s affordability checks. If you need to borrow more, you’ll have to meet your lender’s criteria for additional lending. If your financial situation has changed (e.g., new job, more debts), it may affect how much you can borrow.
Can I transfer my mortgage when moving home?
Yes, in many cases, you can transfer your mortgage to your new property. This is called "porting." However, it depends on your lender's terms and whether your circumstances still meet their lending criteria. You may also need to take out additional borrowing if the new home is more expensive.
How does porting a mortgage work?
Porting a mortgage means you keep your existing mortgage deal but move it to a new property. You’ll still need to go through the application process to prove affordability. If the new property is worth more, you may need to take out additional borrowing, which could be on a different rate. If your lender doesn’t allow porting or you don’t meet their criteria, you may need to get a new mortgage.
Do I need a new mortgage when moving house?
Not always. If you can port your mortgage, you won’t need a completely new deal. But if your lender doesn’t allow porting or if you’re moving to a much more expensive property, you might need a new mortgage. If you’re downsizing and borrowing less, you may be able to reduce your mortgage size.
What happens to my mortgage if I move house?
Not always. If you can port your mortgage, you won’t need a completely new deal. But if your lender doesn’t allow porting or if you’re moving to a much more expensive property, you might need a new mortgage. If you’re downsizing and borrowing less, you may be able to reduce your mortgage size.