Mortgage Affordability Calculators

Mortgage affordability is typically calculated using a combination of factors including your income (usually 4.5-5.5 times), monthly expenses, existing debts, and credit score. Lenders also consider your deposit size and property value to determine the loan-to-value ratio (LTV).

You typically need to provide 3-6 months of bank statements, recent payslips, proof of address, ID, P60 form, and details of any existing loans or credit commitments. Self-employed applicants usually need 2-3 years of accounts or tax returns.

Most UK lenders require a minimum deposit of 5-10% of the property value. However, a larger deposit (20% or more) often secures better interest rates and increases your chances of approval. Government schemes like Help to Buy can assist with deposits for eligible buyers.

While it's more challenging, it's still possible to get a mortgage with bad credit. You may need a larger deposit (25% or more) and might face higher interest rates. Specialist lenders often consider applications from those with poor credit history, but they'll look closely at your current financial situation and the reasons for past credit issues.

Joint mortgages allow two or more people to share the responsibility for mortgage payments. Lenders typically consider both applicants' incomes and financial commitments when calculating affordability. All parties are legally responsible for the mortgage payments, and this can often increase your borrowing potential.