Work out a realistic mortgage budget.
Not the lender's optimistic number. The real one, based on your actual life, stress-tested for rate rises, with proper headroom for when things change.
Why this matters.
A lender will happily offer you a £300,000 mortgage if you technically qualify. Whether that's a good idea is a separate question. We've seen people borrow right to their ceiling, then a job change, a new baby, or a rate rise puts them under real financial pressure.
Getting affordability right means the numbers still work as your circumstances change over time.
Want a rough figure right now?
Our free mortgage calculator gives you a quick borrowing estimate and a monthly repayment figure in under a minute. No email required.
What we actually look at.
- Your real income
Base salary, bonuses, commission, self-employment earnings, rental income. We use sustainable figures, not a peak year that won't repeat.
- All existing debt
Credit cards, car finance, student loans, personal loans, child maintenance. Every committed payment reduces what you can safely borrow.
- Essential outgoings
Council tax, utilities, childcare, insurance, food, transport, the non-negotiables that lenders sometimes underestimate in their calculations.
- Rate stress-testing
What happens at 6%? 7%? 8%? If the numbers only work at today's rate, you're exposed to something that's happened before and could happen again.
- Your life plans
Planning a family? Career change? Going part-time? Over a 25-year mortgage these things matter, and they should factor into what affordable actually means.
A worked example
Sarah, £35,000 salary (£2,400 take-home per month)
Committed expenses: £1,080/month. Car finance: £150/month.
Money left: £1,170/month.
What the bank's calculator says: "You can afford £1,200/month."
What we say: "£900/month is realistic, around £150,000 at current rates, with enough left over to absorb rate rises and life changes."
We won't tell you what you want to hear. If your numbers don't support the house you're looking at, we'll say so clearly. Better to hear that now than to be house-poor for a decade.
Check what lenders will see
Your credit file is part of the affordability picture too, lenders weigh it alongside income and outgoings. Before your consultation, it's worth knowing what's on it. Check My File combines information from Experian, Equifax and TransUnion in one report. Individual lenders may use one or more of these agencies alongside their own checks. Try it FREE for 7 days, then £16.99/month at the time of writing, cancel online any time.
Common questions.
- How much can I actually borrow?
As a rough rule, around 4.5 times your gross income, with some lenders stretching to 5 or 5.5 times for the right profile. Debts, dependants and outgoings all pull that number around, which is why online calculators disagree with each other.
- Do car finance and student loans reduce what I can borrow?
Yes. Regular commitments reduce affordability, and every £100 of monthly debt payments can knock thousands of pounds off your maximum loan. Clearing or reducing debts before applying can genuinely change what's possible.
- Will an affordability check hurt my credit score?
No. Working out your borrowing power with us doesn't touch your credit file. A search only happens when we arrange an Agreement in Principle, and most of those are soft searches too.
- Why do different lenders offer such different amounts?
Because each lender weighs income types, debts and outgoings differently. For the same person, the gap between the most and least generous lender can be tens of thousands of pounds. That's exactly why we search 90+ of them.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Start with the right numbers.
Book a free chat and let's work out what you can genuinely afford, before you fall in love with a property.
★ 4.9 on Google · 120+ five-star reviews · Appointed Representative of Stonebridge