Remember, you might want to keep some savings back for refurbishments, legal fees, or buying something nice when you move in.

deposit

To work out what you could borrow, we're going to assume that your deposit is **10%** of your future home's value. And that you're looking to borrow the balance, which is **90%**. 

Lenders usually offer up to this amount on a standard mortgage. However, the total you can actually borrow depends on the **annual incomes** of those applying. And other factors like your age, spending, or any loans you might have.

How much is your deposit?

Enter the amount you earn before tax. If you'd like to apply for a joint mortgage, add that person's income too.

annualIncome

It's good to know you can include different types of pay, such as overtime or bonuses. Lenders have their own policies on what they'll accept, so it's best to check.
 
In theory, you can borrow up to **4.5 times** your annual income, in some cases more. Lenders won't normally lend more than 90% of the property value though, so the amount you can borrow could be limited by the size of your deposit.

What's your annual income?

In the past, the standard length of a mortgage has been 25 years, but now it can be anything between 1-40 years long.

term

Generally, longer term mortgages cost less per month. However, because repayments are made over more years, you'll probably pay more interest in total. If you're comfortable with that, you may be able to borrow a larger amount.

On the other hand, shorter mortgages usually cost more per month, but you'll probably pay less interest in total, because you're paying it off faster. Bear in mind that a shorter term might limit how much you can borrow.

How long do you plan to have your mortgage?

We've added an average rate from the six largest UK lenders, so we can calculate a monthly repayment figure.

interestRate

We've calculated this rate based on the **initial five year fixed term** of a standard **25 year** repayment mortgage. With a 90% loan to 10% deposit. And that's from the average property price in the UK in 2021.

If you have a different rate in mind, you can change it now, or after you get your calculation.