This tool will help you estimate how much you can afford to borrow to buy a home. We’ll work it out by looking at your income and your outgoings. It should take about five minutes to. When you apply for a mortgage , lenders calculate how much they’ll lend based on both your income and your outgoings – so the more you’re committed to spend each month, the less you can borrow.
This calculator provides useful guidance, but it should be seen as giving a rule-of-thumb result only.
The figures provided by this calculator are for illustrative purposes only. It does not include all of the details you may need to consider when calculating mortgage affordability. A quick and easy way to calculate how much mortgage you could afford to repay each month. Use our mortgage affordability calculators to work out how much you could borrow and what kind of deposit you need for a mortgage. Affordability calculator.
Please note the minimum household income for a residential mortgage is £2000. If you’re applying under our contractor criteria, please only enter of your gross contracting income in line with our lending criteria.
Please refer to loan size and loan to value limits. Our easy to use affordability calculators will help you to figure out what you can comfortably afford to borrow. It will also give you an estimated monthly mortgage cost for your borrowing range.
The housing expense, or front-en ratio is determined by the amount of your gross income used to pay your monthly mortgage payment. Most lenders do not want your monthly mortgage payment to exceed percent of your gross monthly income. The calculation shows how much lenders could let you borrow based on your income. The amount shown is an estimate based on a multiple of your sole or joint income.
You need to go directly to a lender to find the exact amount they can lend you. See the impact an overpayment on your mortgage could make, or how much extra you could borrow on your existing mortgage. How much could I borrow? Retirement Specialists - Try Our Free Online Calculator And Get A Quote Today. Our Mortgage affordability calculator will show you how much a lender might offer you, and whether you’d be able to afford the monthly payments based on your income and outgoings.
Also, use our Mortgage calculator, which can help you find out how much your monthly payments would be if interest rates rose in the future. The actual loan amount available is subject to our usual underwriting requirements and a successful credit search. For any incomes listed where is use input the full amount under non-guaranteed other and the calculator will automatically take off.
Use our online calculator to get a quick affordability assessment before submitting a full application with us. Applicant details Please enter all income and expenditure (which is not being consolidated) as monthly values other than credit cards which is the total balance. Please make sure you complete the loan, income and expenditure information correctly. Mortgage borrowing calculator Calculate how much you could borrow as a mortgage for a property you’ll live in, based on your salary or other income, and your financial situation. Get a rough idea of how much you could borrow for a residential mortgage based on your personal circumstances.
We have updated the help to buy equity loan calculator files. Updated Help to Buy calculators.
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