How much can I borrow?

The amount that can be borrowed is at the lenders discretion. Typically the amount is up to three and half times the main earners income before tax, plus one times any second earners income, or alternatively two and a half times their joint incomes if this is larger.

Some lenders have moved towards affordability measures that take into account other circumstances such as other debts or whether the borrower has dependents.

How much can I afford?

It is worth noting that interest rates can rise so it is best not to borrow up to the limit of the amount you can borrow.

Calculate how much income you have and subtract what you spend. Ignore any payments that would stop if you owned your own home (rent etc) but include any new costs (rates, travel costs, insurances etc).