What is the maximum I can afford for mortgage repayments?

Rather than calculating the amount that you can borrow based on your salary it really makes more sense to calculate how much you can borrow based on your available income. If this is more than lenders will traditionally offer based on your salary, then you will have to do a bit of shopping around and convince lenders that you can afford the repayments.

REMEMBER - If you are going for a heavily discounted rate you will have to pay full rate at some time in the future. It is also possible that rates can increase quite significantly over a short period of time so leave yourself plenty of leeway in your budgeting.
Available monthly income:
£ 
Interest rate:
(enter 10% as 10)
    %
Repayment term:
(5-25 years)
    years
Maximum amount that can be borrowed is likely to be:
Type of mortgage:
Capital and interest:
£ 
Interest only:
£ 
But be careful - at 1% above this interest rate the maximum amount you can borrow will be:
Capital and interest:
£ 
Interest only:
£ 

The first figure gives the maximum that can be borrowed for a straight repayment mortgage, including both interest and the payment toward the capital loan amount. This reduces the amount owed on the capital, month by month.

The second figure shows the maximum amount that can be borrowed for an interest-only type of mortgage (endowment, ISA or pension saving policy).

These figures are only a guide. We recommend that you obtain exact figures from a specific lender before committing to any mortgage.