What size mortgage can I afford?

28th March 2020

When you apply for a mortgage, you must be sure you can afford the monthly repayments – remember that a mortgage is a loan secured against your home and your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

A specialist mortgage adviser can help you calculate if your income and expenses mean you can afford your monthly repayments should interest rates go up or if you were to experience a change in personal circumstances. These could include having a baby, experience long-term sickness, taking a sabbatical or career break, being made redundant or taking early retirement. All these changes could impact on your ability to meet your mortgage repayments.

Mortgage lenders used to calculate how much you could borrow by multiplying your income, for example by three, four or five times, to determine the size of mortgage you’d be eligible for. Since 2014, mortgage lenders cap your ‘loan-to-income’ ratio to ensure you can afford the monthly repayments after taking account of your monthly income and outgoings. If your mortgage lender suspects you might struggle to meet your mortgage repayments, the size of mortgage you may be offered could be reduced, which could, in turn, affect your ability to secure the new home you’ve been looking for.

The best way to determine what size mortgage you can afford is to talk to a specialist mortgage adviser with the expertise and independence to guide you through the maze of mortgage products and lenders that are best suited to your circumstances. Call us on 08454 500200 or click here to make an enquiry about your new mortgage.


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We had found a house that we loved and had an offer accepted. I was confident that I could arrange my own mortgage again but agreed to meet with Simon to see what he could offer. Fortunately, I accepted Simon's offer as my income circumstances had become more complex since my last mortgage and my existing lender would no longer accept a large portion of my income. It was looking like we would have to retract our offer but Simon used his extensive knowledge of lenders and managed to secure us the money we required, at a great rate and in an extremely short period of time.

Simon is hugely knowledgeable, with excellent communication skills – I will certainly use Simon again and will be giving his details to friends and colleagues.

Ashley M

February 2020

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