How to get the best mortgage deal How much mortgage can I afford?

Knowing how much you can afford to borrow will help you to figure out which properties are within your budget

The size of your monthly mortgage repayments is based on the amount you borrow and the interest rate set by your lender.  

It's important to consider how much you can afford to spend on these monthly repayments when deciding what type of mortgage deal is best for you, how much you should borrow and the length of the mortgage term.

Lenders will assess your ability to make these repayments when deciding whether to approve a mortgage application, but it's still good to have a clear idea of your personal spending limits. 

Our calculators let you estimate how much you can afford to spend on your monthly mortgage repayments without dramatically changing your lifestyle and how much repayments will be for different loan amounts, interest rates and terms. 

  • If you're thinking of applying for a mortgage and need some impartial advice, you can call Which? Mortgage Advisers on 0808 252 7987 for a free initial consultation.

Mortgage calculator 1: how much mortgage can I afford?

Click on the link below to download the Which? mortgage affordability calculator:

How much mortgage can I afford?

Mortgage calculator 2: how much will my mortgage repayments cost?

Click on the link below to visit our mortgage hub, where you can calculate how much your mortgage repayments will be based on different interest rates and loan periods:

Mortgage repayment calculator

Bear in mind future expenses

A mortgage is a long-term investment, so it's important to consider any expenses you may face in the future when deciding how much you can afford to pay.  

Lenders will commonly ask applicants if they plan to have children, start a business, put their parents into care etc, as these are all expenses that could dramatically impact your ability to repay your mortgage debt. 

Our mortgage affordability calculator lets you factor in the cost of these future expenses to see what impact they would have.

Be prepared for a rise in interest rates

If you have a variable-rate mortgage, the interest rate on your monthly repayments is likely to fluctuate throughout the length of your term. 

Interest rates are currently at a historic low, but have been tipped to rise in the near future.

Lenders will consider whether mortgage applicants could handle an interest-rate rise as part of their financial assessment of customers.  

Our mortgage repayment calculator lets you see how such a rise would impact your repayments. You should check whether you could still afford them if rates went up by at least three percentage points.

Find out more: What is a mortgage? Video guide - learn what type of mortgage is right for you

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.