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Wondering how much could you borrow for a mortgage? Use our mortgage calculator to quickly work out your potential budget for buying your next home. 

How much you can borrow for a mortgage in the UK is generally between 3 and 4.5 times your income. Or 4 times your joint income, if you're applying for a mortgage with someone else (although some lenders may let you borrow more).

Banks and building societies mostly use your income to decide how much they can lend you for a mortgage. For this reason, our calculator uses your income too (4.5x). Things like your outgoings, outstanding debt, and credit rating will also be factors, so remember, our calculation is only a rough idea of what you could borrow.

Work out your potential mortgage borrowing amount:

A mortgage deposit is a lump sum of money typically 5% - 20%.

When looking at your first mortgage deposit choices, it can be easy to think that a lower deposit percent rate is the cheaper option. However, a lower deposit percentage rate means that you will end up paying more over time in interest. The lower the deposit generally means the higher the interest rate on your mortgage. Whereas a bigger deposit percentage, like 20% or 25%, means you'll probably get a lower interest rate.

Work out how much you require for a deposit:

Now you know how much you could borrow for a mortgage, why not try our free Mortgage Readiness Checklist to see if you're ready to speak with a Mortgage Expert and begin your journey. 

Or get started now and connect with an online Mortgage Expert

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