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How much can I borrow for a mortgage?

Your home may be repossessed if you do not keep up repayments on your mortgage

The size of mortgage you may get

‘What mortgage can I afford?’ is one of the most important things you need to know when you’re looking at a mortgage. When you’re buying your first home, or if you’re moving home, there are a number of things you need to think about when you’re working out how much you can comfortably afford.

How much could you borrow?

You can use our online calculator to calculate your estimated monthly mortgage repayments. This is a quick calculation based on the price of the property and the deposit you have. You’ll only know exact figures once you complete a mortgage application with a lender and all your individual circumstances are factored in. The mortgage you will be offered is often based on a multiple of your salary and other relevant factors.

How is it calculated?

There are a number of different mortgages available from lenders in the UK. They all use broadly the same information to calculate the amount you can borrow. The things they consider include:

  • the amount you can put down as a deposit
  • what your income is
  • what your outgoings are and any other financial commitments you have
  • are you buying on your own or with someone else?

What Clydesdale Bank looks for

To get a mortgage with us you need to have, ideally, been in your job for the last two years or at least have been employed for two years. The mortgage you will be offered will be based on a multiple of your salary, and other relevant factors. We will also look at your current age and expected retirement age when we work out how much you can borrow and the length of time you can borrow for.

The costs of buying a home

You might want to read our ‘Costs of buying/moving article’ to give you a better idea of the additional costs involved in buying a home and moving. This could help you make sure you don’t overstretch yourself. Although it seems simple to know how much it will cost you, there could be things you may overlook.

Never overstretch yourself

Although you may think you want to get as large a mortgage as you can, you need to be careful. Make sure you don’t overstretch yourself. It’s no fun having a fantastic home that you can’t afford the repairs for. Or never being able to have a holiday as all your money is going towards financing a mortgage.

Be aware of interest rates

When you’re looking at affordability it’s always a wise move to plan ahead for how you would meet your repayments if interest rates go up. The Bank of England base rate is low but the only real constant in the housing market is change. When it changes again, you should be aware of what your repayments might be in order for you to be prepared. Even if it only rises by one or two per cent, it can have a big impact on your repayments.

When things change, be prepared

You could also read our ‘What to do if your circumstances change?’ guide. This helps you to understand your commitments when you take on a mortgage and your responsibilities to your lender should any of your circumstances change. Things you have to be aware of include changing jobs, salary reductions and becoming self-employed.

How much can you afford?

A little tip to end on – ask yourself ‘how much can I afford’ rather than ‘how much can I borrow’? It’s a smarter (and safer) way to look at things. Do your research and make sure you know how much you can afford. If you do this you’ll be able to really enjoy your new home.

More help with mortgages

Girl planning her new home

Helping you through the mortgage process

We’ve created a range of tools and guides to help you understand the mortgage process.

Find out more about the mortage process

Keys to new home

First time buyer tools and guides

We’re here to help make your first time with mortgages easier by helping you make sense of it all.

Find out more about first time buyer tools and guides

North Queensferry

Buy-to-let mortgages

If you’re thinking of buying a property as an investment there are a few important things you need to be aware of.

Find out moreon buy-to-let mortgages

Your next steps

Give us a call

  • If you've got any questions, get in touch.

    New mortgage customers

    0800 022 4313

    Mon-Fri 8am-8pm, Sat 9am-5pm and Sun 10am-4pm

    Existing mortgage customers

    0800 121 4203

    Mon-Fri 8am-5pm