Home Buying Budget Calculator
Find out what you can really afford to buy in England
Stamp Duty is a tax you may need to pay when you buy a property in England. How much you pay depends on the property price and your circumstances
If you are buying with someone else, everyone buying with you must qualify as a first-time buyer to claim First-Time Buyers’ Relief
First-Time Buyers’ Relief only applies to properties costing £500,000 or less that you intend to use as your main home
Higher Stamp Duty rates may apply if you, or anyone buying with you, will still own another residential property worth £40,000 or more when this purchase completes. Property owned anywhere in the world counts
For higher Stamp Duty rates, property owned by your spouse or civil partner may also count, even if they are not buying with you, unless you are permanently separated
If you buy your new main home before selling your previous one, you may have to pay the higher rate first. If you sell your previous main home within 3 years, you may be able to claim the extra amount back from HMRC
Buying through a limited company? Companies usually pay the higher Stamp Duty rates when buying residential property worth £40,000 or more, even if it is the company’s first property. Special company rules can also apply
Check the full Stamp Duty rules on GOV.UK
For Stamp Duty, you are usually treated as UK resident if you have spent at least 183 days in the UK during the 12 months before your purchase
If you are buying with someone else, their residence status may also affect the calculation. Special rules can apply to married couples and civil partners buying together
This is a separate Stamp Duty test and is not the same as your usual UK tax residence status
Check the full rules on GOV.UK
Not sure which option applies to you?
Stamp Duty has its own residence rules, so it is worth checking your status before relying on the calculation. We can introduce you to an independent tax adviser if you would like professional advice
Include all the money you expect to have available for the purchase and buying costs, such as savings, ISA funds, investments you plan to sell, gifts, inheritance or money from the sale of another property
Using gifted or overseas funds? Your solicitor may need additional evidence, so it is worth checking this early. We can introduce you to an independent property solicitor. Any advice and fees would be agreed directly with them
Enter your gross annual salary before tax. You can usually find this on your latest payslip or employment contract. If you regularly receive bonuses, commission or overtime, a lender may also take some of this income into account
Enter your net annual profit before tax. This is your business income minus business expenses
For example, if your business received £80,000 and you had £30,000 of business expenses, enter £50,000
If you run a limited company, lenders may calculate your income differently, so this figure is only a starting point
This calculator gives you a starting point. How much you can actually borrow depends on your circumstances and the lender, so the figure may be different
If you do not already have a mortgage broker, we can introduce you to one of the brokers we work with. They can talk through your situation and give you a clearer idea of how much you could actually borrow. Your first conversation is free. If you decide to go further, they will explain any fees before you proceed
This is an initial estimate based on combined annual income × 4.5. How much you can actually borrow will depend on your personal circumstances and the lender, so the figure may be different
We calculate this using the property price, the type of buyer you selected and your UK residence status for Stamp Duty
Stamp Duty rules can be complicated, so treat this as an estimate and check the amount with your solicitor before you buy
Check the current Stamp Duty rules on GOV.UK
Sensible estimates for a straightforward purchase in England. Actual costs may vary depending on your circumstances. If you already have a quote, type over the figure and your calculation will update
Sensible estimates for a straightforward purchase in England. Actual costs may vary depending on your circumstances. If you already have a quote, type over the figure and your calculation will update