How does this calculator work?
This calculator helps you work out how much you might be able to borrow for a mortgage, based on your income. When you apply for a mortgage, lenders calculate how much they’ll lend you based on both your income and your outgoings – so the more you’re committed to spend each month, the less you can borrow.
We calculate your borrowing potential through a simple income multiple, which provides a useful guide that is based on lenders’ current appetite to lend through Knight Frank Finance. However, everyone’s situation is different, so you may find you can borrow more or less than the figure shown here.
Calculating exactly how much you can borrow depends on a number of things, for example:
- Whether you are employed or self-employed
- How much you spend each month on regular commitments
- Whether you are paid a basic salary, bonuses, commission or overtime
- The percentage you want to borrow against the property
- Your age and if you intend to borrow into retirement
- If you want to borrow a large amount, what other assets you have other than the property
- You credit status.
One of the most important factors in determining how much you can borrow is the lender. Each lender has different criteria and it is our job to navigate those options for you. We currently have relationships with over 180 different lenders so we are perfectly placed to match the right lender to you. Contact us, we’d love to help you.