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How much can I borrow?

Working out how much you can borrow is as simple as multiplying your annual salary by 4 to 5 times.
However, this might not be the amount you can borrow!  Mortgage affordability is not as simple as multiplying your income, read our affordability guide to find out more.

If you want to quickly see how much you may be able to borrow based on your salary you should enter your gross income into the calculator.

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Finding the perfect mortgage yourself can be daunting. At Hello Mortgage we don’t just give you great advice, we also hold your hand throughout the entire process, whether it's buying your first home or releasing equity from your current home.

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How much can i borrow FAQ's

How many times your salary can you borrow for a mortgage?

This varies from lender to lender, but the general rule of thumb is between 4.5 and 5.5 times your annual salary.

Let’s say you earn £35,000 per annum before tax, you could potentially borrow £175,000.  There are lenders who will loan more that 5.5 times, but these offered to certain professions.

What is Mortgage Affordability and why does it matter?

Mortgage affordability is an assessment of all your financial data to work out how much is affordable for you.  

This takes the basic calculation above but builds in many other factors such as your outstanding credit, how many children you have, how you have conducted credit accounts in the past.  

Your Mortgage Advisor will run a full affordability assessment on you before we make a mortgage recommendation.  This is a complex calculation and is the reason why we ask you for documents at the start of your relationship with us.

You should use the above calculator as a guide only.

Looking for more information?

What impacts the amount I can borrow?

Read or “Getting Mortgage Ready” guide to maximise your chances of success!

The above calculator is fine for giving a rough idea on the loan to income mortgage amount, but it really is only a guide.
Other factors such as outstanding credit, credit profile, your employment type and the number of people you financial support need to be considered when calculating your true affordable mortgage amount.

Does my credit score matter?

Yes! If you are looking to take a low deposit mortgage such as 5%.

Credit scoring isn’t used by all lenders and there are low deposit options for people with less than perfect credit but they are a lot more expensive than mortgages offered to those with good credit.

How much can I borrow with no deposit?

You will need a deposit of at least 5% to get a mortgage.  If you are looking to purchase a buy to let, the minimum deposit is 20%.

Read our 100% guide for further information.

Does a higher deposit impact the amount I can borrow?

There are many benefits to having a larger deposit, but thisdoesn’t always impact the amount you can borrow.  
Having a larger deposit means you will have a smaller mortgage and ultimately savein interest.  Most people can get a 5%deposit mortgage, but you may need more deposit if you have had adverse creditor are self-employed.