The size of the mortgage one can get depends on several financial factors including income, debts, credit score, down payment, and the lender's criteria. Generally, lenders use a debt-to-income ratio (DTI) rule, often the 28/36 rule, meaning you should spend no more than 28% of your gross income on housing costs and no more than 36% on total debt including housing. Many lenders allow borrowing up to about 4.5 times your annual salary, and some may go up to 5 times your salary depending on circumstances. Other factors impacting mortgage eligibility include credit report details, employment status, and ability to handle payments if interest rates rise. Responsible borrowing means considering your ability to repay comfortably without financial strain and anticipating possible life changes that affect income or expenses. For precise calculation, mortgage affordability calculators can estimate how much mortgage you can get based on your income, debts, down payment, interest rates, and location. These calculators often estimate affordable price ranges and confirm eligibility with a credit check only during a formal application. In summary, the maximum mortgage size one can get is influenced primarily by income, debts, down payment, and creditworthiness, with typical lender limits around 4.5 times annual income, subject to financial health and risk evaluation.
