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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Having used charters to secure our first mortgage in 2018, we’ve returned to them to secure our first ever remortgage this year. We had such a great experience with them as first time buyers, that we’ve become back to them again - and I’m so happy we did. This time Robert Ferguson has looked after us to get the deal we wanted. He’s patient, informative and he delivers a service that has been nothing short of excellent. The whole process as been made as stress free as possible, during what is quite an uncertain and unnerving economic time. Rob took us through a number of options in accordance to our needs and found us a fantastic product that we are very happy with. Once application had been submitted, having secured a fantastic rate, we were then looked after by Cara Simpson-Hayter. Cara has been absolutely fantastic and has kept us informed through every step of the application process. She has chased up various parties to get the info we needed and to speed the application along with the lender. Cara is incredibly efficient and effective and has been truly wonderful throughout. Both Rob and Cara have addressed all our concerns and answered ALL our questions (there were a few having only gone through this once before!) leaving us feeling confident and at ease the whole time. Again the service that has been provide has been thoroughly excellent, we couldn’t be in better hands. Thank you so much for making this such a painless process in what is quite a stressful time! We cannot recommend Charter’s enough and we will definitely be using them again in future! Thank you Rob and Cara!!

Oliver & Caroline H

June 2020

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