Mortgage affordability considers more than an income multiple. Lenders assess information about income, spending, debts, commitments and the proposed borrowing using their own criteria. An online illustration cannot reproduce every part of that decision or promise an approval amount.
Build your own budget first
List regular spending, existing repayments, childcare or care costs and the likely running costs of the new home. Include costs currently bundled into rent that may become separate bills. Leave room for irregular expenses and consider how the plan would cope with changed income or rates.
Use scenarios carefully
- Compare payments at more than one entered interest rate.
- Keep fees and deposit cash separate from monthly payments.
- Record assumptions about term and repayment method.
- Treat missing spending information as unresolved, not zero.
The borrowing scenario tool is arithmetic for exploration; a displayed range is not lender affordability or personalised advice. Consult MoneyHelper's mortgage guidance and provide accurate information to a lender or suitably authorised adviser. A lower theoretical maximum does not remove the need to decide whether the payment fits your household.
Put it into practice
Use the mortgage borrowing scenario planner to organise your own figures or next steps. Keep its assumptions alongside your plan.