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Mortgage Affordability Explained - How Much Can You Apply For?

We have a wide range of guides on mortgage affordability that can help you decide what you can afford for properties in the UK. Speak to one of our expert mortgage affordability advisors and apply for your mortgage today!

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Whether you are credit-challenged, have a perfect credit score, or are somewhere in between, Loan Corp is here to help.  With Loan Corp, everyone fills out the same 95% loan-to-value mortgage application. The form is easy to fill out and takes just a fraction of the time of a standard paper mortgage application. It’s that simple.

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What is a Mortgage Affordability Check?

Mortgage affordability checks are carried out by lenders as part of a mortgage application. They check to see if you will be able to afford your monthly mortgage repayments based on your current income. They will look to see if you can comfortably afford to make the repayments as well as other predicted outgoings.


Full Guides on Mortgage Affordability

Getting the right mortgage with repayments that you can afford is important. So it’s essential that you know what you can afford to buy before looking at the property market.

We have extensive guides on mortgage affordability so you can make the right decisions. If you need some extra help, our expert mortgage advisors can guide you along the way.

Loan Corp provides all the information and guidance you need at the click of a button. Use our mortgage affordability calculator to receive a super quick estimate of how much you would be eligible to borrow. 

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What do we do?

We provide a range of affordable mortgages

Having expert mortgage advisors on hand means we can help you decide what you can afford fast.

We offer a range of mortgages, from buy-to-let mortgages (BTL) to interest-only. Our mortgage brokers are on hand to help you source the best mortgage.

We always aim to get you the highest affordability for your money, although this doesn’t mean you have to take out the highest mortgage possible. Get the right advice by speaking to one of our expert mortgage advisers.

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You can borrow from as little as £50,000
Available from mainstream lenders to private investments
Short to long repayment terms available
Within 10 minutes we will call you to discuss your loan
Submit your information on our website
We aim to find you the best finance we can at the best rates possible

We're the real deal

Our Mortgage Guarantee

We offer a wide range of mortgages both in the UK and overseas, and we guarantee to help you source the best mortgage rates and products tailored to your specific requirements.

Our advisors will work to find you the best possible deal, whatever your mortgage needs and do so quickly. We work to provide you with what you need in a matter of hours; that’s our guarantee.

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Mortgage Affordability FAQs

Lenders will assess what kind of mortgage you can afford using the loan-to-income ratio. This is the amount you wish to borrow divided by how much you earn. Lenders generally cap how much you can borrow at 4.5 times your annual income. They will also factor in any existing debts, your living expenses and your credit history.

Generally, your annual income will determine how much mortgage you can get. Most lenders will offer a loan of 4.5x your annual salary. In some exceptional cases, you can be eligible for a mortgage 6x your annual income. Lenders will assess your individual circumstances to determine how much you can borrow.

Mortgage interest is the interest charged on a loan used to buy a property. It is calculated as a percentage of what you borrow and is repaid over the period of your mortgage deal, known as the term. For example, if your interest rate is 5% and you borrow £50,000, you will pay interest of £2,500 annually.

As of August 2022, the UK government removed ‘stress-testing’ from standard mortgage affordability checks. This means that borrowers will no longer be subject to affordability checks for repayments based on future interest rates rising by 3%.

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