Mortgage Affordability Estimator
See an estimated borrowing range and what the mortgage could cost each month.
Estimate Your Mortgage
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Mortgage affordability estimator guide for UK buyers
WeCovr's mortgage affordability estimator helps UK buyers model borrowing limits and monthly payments, supported by FCA-authorised guidance and 900,000+ policies issued across protection products. It also highlights the small cost of protecting a mortgage with life cover.
How the mortgage affordability estimator works
The calculator uses a common UK lending multiplier and your deposit to estimate a potential purchase price. It then models monthly payments based on the interest rate and term you select.
Results are indicative and do not represent a formal mortgage offer.
Borrowing is estimated using a standard income multiplier.
Monthly payments reflect the interest rate and term selected.
Actual lender criteria can vary by credit score and commitments.
What can change your borrowing range
Lenders consider affordability, existing debts, and credit history. A larger deposit can improve your rate and reduce monthly payments.
Rates can change quickly, so it is helpful to test a range of interest rates to see the impact on monthly costs.
Why WeCovr connects mortgages and protection
WeCovr provides FCA-authorised guidance and high customer satisfaction ratings. We also offer complimentary access to the CalorieHero AI calorie tracking app and discounts when customers take PMI or Life insurance.
Protecting a mortgage with life cover can help your family keep the home if the unexpected happens.
Data sources and guidance references
This guide references FCA guidance on mortgages and consumer credit, along with typical UK mortgage lending practices.
Mortgage planning scenarios
| Scenario | Monthly cost | Key factors | Best for |
|---|---|---|---|
| Higher deposit | Lower | Lower loan size | Reducing monthly payments |
| Longer term | Lower | More interest overall | Cashflow flexibility |
| Shorter term | Higher | Faster repayment | Lower total interest |
Related WeCovr resources
FAQs
How accurate is a mortgage affordability calculator?
It provides an indicative estimate based on typical lending multipliers and does not replace a formal lender assessment.
What income multiplier do UK lenders use?
Many lenders use a multiple around 4 to 4.5 times income, but this varies by lender and circumstances.
Why consider life insurance with a mortgage?
Life cover can help your family repay the mortgage if you die, protecting the home.
How does the interest rate affect affordability?
Even small rate changes can significantly affect monthly payments, so it is useful to model a range of rates.