How much can I afford to borrow?

Before you apply for a mortgage, you need to know how much you can realistically afford to borrow – not just how much you can afford to pay each month. After all, a mortgage is a long-term commitment, so you need to be fully aware of the financial implications.

Use this 60-second eligibility checker

Our live mortgage match tool is so much more than a mortgage calculator. Start by answering a few simple questions such as how much your new home is worth (or how much it’s likely to be worth), your deposit amount and your income.

You will then be able to see a live dashboard of mortgages available to you – including rates, monthly repayment amounts and whether you are likely to be pre-approved.

This is just the beginning. When you are ready, speak to a Linear advisor and complete your profile in preparation for applying.

Start your 60-second mortgage match

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mortgage finder dashboard

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How do lenders check what I can afford?

Lenders do not simply take your income and expenditure into account. They want to know if you can keep up repayments if interest rates were to rise or your circumstances were to change.

They also want to be sure that you are a good payer based on your credit history.

Read our guide on how to boost your chances of being accepted for a mortgage.

Mortgage interviews can be incredibly thorough, so it’s important to be fully prepared before you begin. Not only will they check income and bills such as utilities and credit cards, lenders are likely to ask about various other outgoings. Examples include spending on gym memberships, insurances, car costs, entertainment and eating out.

Should I apply for a mortgage before I find a house?

You should definitely find out how much you can afford to borrow before you start house hunting.

The home buying process is likely to run a lot smoother if you’ve spoken with an advisor before you begin looking for a home. Gaining a mortgage in principle (also known as agreement in principle, or AIP) will also help. Most estate agents will expect you to have an AIP before you put in an offer.

Arrange a call with a mortgage adviser

Speaking to a Linear adviser will make sure you are well informed before you begin. They will help you understand how much you are able to afford – and help you draw up a plan if you are not yet eligible to borrow the amount you need.

Your property may be repossessed if you do not keep up payments on your mortgage.

Linear usually charges a fee for mortgage advice. The precise amount will depend on your circumstances but may range from £399 to £599 up to a maximum of 1% of the mortgage amount. The fee is payable when an application is submitted to a mortgage lender and is non-refundable.