How much can you afford — and what will it really cost?
Borrowing power, regional purchase tax, monthly payments, a rate-rise stress test and the all-in cost in one calculation, followed by plain-English guidance.
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Estimated from £45,000 income at 4.5× · your £255,000 loan is above typical limits.
If your rate rose to 5.5%, the monthly payment becomes £1,447.86 — comfortable at 38.6% of gross monthly income.
| Deposit | £45,000 |
|---|---|
| SDLT (stamp duty) · 0.0% effective | £0 |
| Product fee | £999 |
| Legal / conveyancing | £1,200 |
| Upfront cost | £47,199 |
| Interest over 30 years | £210,137 |
| True total cost | £257,336 |
- This loan is above typical lending limitsBased on income, most lenders would advance up to about £202,500 (at 4.5× income). You're roughly £52,500 above that — you may need a bigger deposit, a cheaper property, or a lender offering a higher income multiple.
- Comfortable under a rate riseEven if your rate rose to 5.5%, the payment (~£1,448) stays within a manageable share of income.
- Healthy 85.0% loan-to-valueA deposit this size puts you in a competitive LTV band, which typically means access to lower interest rates.
- First-time-buyer relief appliedAs a first-time buyer you pay no SDLT on the first £300,000, and 5% only on the portion above it.
General guidance based on your figures — not financial advice. Lenders vary; confirm with a mortgage adviser before committing.
How this calculation works
Borrowing is estimated as income multiplied by your chosen loan-to-income multiple, reduced for committed monthly spending. Repayments use standard mortgage amortisation. The stress payment applies your chosen rate margin, while purchase tax uses the current regional bands and buyer rules.