How it works
Illustrative borrowing = annual income × selected multiple. Property budget = borrowing + deposit. Maximum term = the lower of 35 years or the lender age limit minus your age. Monthly repayment uses the standard repayment-mortgage formula.
A worked example
At 60,000 income and a 4.5 multiple, illustrative borrowing is 270,000; a 40,000 deposit gives a 310,000 budget.
What to keep in mind
Illustration only, not an affordability assessment or lending decision. Lenders consider spending, debts, dependants, age, credit history, deposit and stress-tested rates. Buying costs are excluded.
How much mortgage can I afford?
Most UK lenders lend around 4 to 4.5 times household income, and some go up to 5 or 5.5 times for higher earners or certain professions. On £60,000 of household income, 4.5 times is £270,000. With a £40,000 deposit, that gives a home budget of around £310,000.
Mortgage affordability by income
At 4.5 times income: £30,000 could borrow about £135,000; £40,000 about £180,000; £50,000 about £225,000; £70,000 about £315,000; and £100,000 about £450,000. Your actual offer depends on your spending, debts and credit history.
Mortgages for over 60s and the age limit
Lenders usually want a mortgage repaid by a maximum age, often between 70 and 85. If the limit is 75 and you are 60, the longest term is 15 years, which raises the monthly payment. At 4.5%, borrowing £150,000 over 15 years costs about £1,147 a month, compared with about £834 over 25 years. Later-life lenders and retirement interest-only mortgages may offer other options.
How the monthly repayment is estimated
The calculator uses the longest term your age allows, up to 35 years, and the interest rate you enter. Lenders also stress-test whether you could still afford the payment if rates rose.
What UK mortgage lenders usually consider
Lenders normally assess income alongside regular spending, existing debts, dependants, credit history, age, deposit size and the effect of higher interest rates. Two households with the same income can therefore receive different lending decisions.
How to use this affordability estimate
Choose an income multiple to explore a range of borrowing scenarios, then add the deposit available for the purchase. Keep money for Stamp Duty where due, legal work, surveys, moving and other buying costs instead of treating the full amount as a deposit.
Frequently asked questions
How much can I borrow on a £50,000 salary?
At 4.5 times income, about £225,000. Some lenders may offer more or less depending on your outgoings and credit history.
Can I get a mortgage at 60?
Yes. Many lenders accept applicants in their 60s, but the term is usually limited by an age cap such as 75 or 80, which raises the monthly payment.
Will a lender offer this amount?
Not necessarily. This is a simple scenario based on your chosen multiple, not a mortgage eligibility check.
Can I use combined household income?
Yes. Enter the combined gross annual income of the applicants, but remember that a lender will assess each application in detail.
Are buying costs included in the property budget?
No. Stamp Duty, legal fees, surveys, mortgage fees and moving costs are excluded.
For general information and planning, not personalised financial or tax advice. Verify important decisions with a qualified adviser.