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What's the biggest house I can afford?

Biggest house you can afford:

£

In the selected region you can buy a

...

This calculator does not constitute financial advice. It is intended as a guide, to give a rough maximum home value using not only your inputs, but also average homebuyer costs & standard maximum mortgage amounts. For mortgages & costs specific to your situation you'll need to ask for quotes from mortgage lenders & service providers.

Your house value is based on:

Upfront costs: {{VALUE}}

(adjust in sliders below)

Stamp duty: {{VALUE}}

Deposit: {{VALUE}}

(your remaining cash)

Mortgage: {{VALUE}}

Try adjusting your upfront costs using the sliders below to see how your biggest house value changes!

Adjust your upfront costs (read more):

Conveyancing costs (we estimate £1,450)

Survey Costs (we estimate £550) 

Mortgage Lender Assessment (we estimate £750)

Removal Costs (we estimate £325)

Home Repairs (average cost is £5,750)

TOTAL: £9,370

There are some minor costs, like mortgage transfer fees, which are included in the calculator but not editable in the sliders above. Read more in our cost breakdown.

Where did those numbers come from?

Mortgage considerations​

  • The maximum most lenders will lend is about 4.5 times the annual salary of those named on the mortgage. Whether you can actually borrow 4.5 times your annual salary will depend on your credit score and the individual lender

  • On top of that, you need to have at least 5% deposit of the home value. Some lenders could require up to 20%, and even more for non-UK residents or people buying second homes

  • But your deposit is not all the cash you have right now to put towards buying a home - you will need some cash to pay for costs that come before or just after buying your home >>>

Costs you need to pay before/as you buy

  • Every homebuyer will need to pay legal fees for "conveyancing". These can vary from £850 - £1,500, plus on top you'll need to pay £250 - £300 for "searches" to check if there are potential problems with the home such as if it's prone to flooding. In the calculator we've used a middle figure of £1,450 for these costs

  • You also need to pay for a survey of the house to find any problems before you buy. The cost depends on whether the property is a flat or a house, but you should expect a cost from £250 - £850+. We've used £550 in the calculator

  • If you are selling a home at the same time as buying, you may need to pay an estate agent, who generally charge 1% - 3% of the value of the property they are selling for you plus 20% VAT on top. We've not included this in the calculator currently

  • The property you've chosen to buy needs to have its value assessed by your mortgage lender before they tell you what they will lend you for it. Some lenders require a fee for this, which can vary with property size. If there is a fee it could cost you £150 - £1,500. We've used £750 in the calculator

  • There is a fee to transfer the money for your mortgage from the lender to your solicitor of £40 - £50. We've used £45 in the calculator

  • Removal costs will vary on how much furniture etc you already own and whether you hire a van only or a removals company, but you should budget for £50 - £600. We've used £325 in the calculator

  • Your new home may not be in perfect condition when you first buy it (unless it is a new build), and some types of repairs are not sensible to put off for too long. Average repair costs for new home owners are £5,750

  • You should also think about any redecoration or carpeting you'd like to do (which is easier to do before your home is filled to the brim with furniture), plus furniture. These are not included in the calculator currently

  • Finally, it is sensible to leave yourself a buffer of money in case something costs more than you were expecting. In the calculator we've put £500, but having more would be less risky

  • Adding up all the average costs & buffer listed above that are fed into the calculator comes to £9,370

Stamp duty​

  • Not everyone who buys a home has to pay stamp duty, which is a tax on buying property that needs to be paid at the same time as you buy your home

  • Stamp duty only applies when the value of your new home is above certain thresholds

    • For first time buyers, your property value would have to be above £425,000 for stamp duty to apply​

    • For everyone else, including couples or groups buying together where only one person is a first time buyer, your new property value would have to be above £250,000 for stamp duty to apply

  • If stamp duty applies to your new home, how much you pay depends on the value of your new home - the more expensive, the more stamp duty you pay

  • In our calculator above, we are trying to work out the most expensive home you could buy, with the maximum mortgage you could be given, so any stamp duty that applies has been taken off the deposit amount (as the amount you can borrow cannot be increased)

  • See gov.uk for information on the stamp duty bands, that are used to feed into our calculator

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