Mortgage Calculators
How Much Can I Borrow
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How Much Will My Mortgage Be?
To work out what your repayments could look like enter the total loan amount, the number of years you would want to take the mortgage over and the interest rate. This calculator is for the sole use of calculating repayment mortgage. For interest only mortgages please look at the buy to let repayment calculator.
It's important to make sure your mortgage repayments remain affordable both now and in the future. One of the first things most people want to know when looking at properties is how much a new mortgage might cost them.
Keep in mind that your mortgage rate is likely to change over the lifetime of the mortgage which will affect the total amount you actually repay but its a good idea to see what your repayment might look like to start off with.
To work out what your repayments could look like enter the total loan amount, the number of years you would want to take the mortgage over and the interest rate. This calculator is for the sole use of calculating repayment mortgage. For interest only mortgages please look at the buy to let repayment calculator.
How Much Can I Borrow?
Each lender has their own affordability check and this figure is to be used as a rough guide. Your adviser will complete a personal affordability check which will take into account a large number of factors such as type of earnings, commitments, type of work and age plus much more.
Each lender has their own maximum loan and your adviser will complete a personal affordability check which will take into account things like:
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Credit history, Commitments and debt consolidation
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Age
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Type of work, employment and income
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Financial commitments such as children
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Overall term of the mortgage
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If you receive benefits
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If you are a first time buyer
Whatever the loan amount it's also important to make sure that any loan you take is affordable both now and in the future.
What Will My Loan To Value Be?
Knowing what your loan to value is might not seem important, however, lenders have different rates available depending on this number.
Lenders tend to have different rate available depending on what your Loan to Value is. If for example, when you use the calculator, your loan to value was to fall at 90.5%, it may be worth seeing how much more you would need to put down to to reduce your loan to value to 90%
A chat with one of our advisers can tell you how these small changes could affect the rates available to you and allow you to make the decision on what's best for your circumstances.
How Much Life Insurance Do I Need?
Protection comes in many forms such as Life Insurance, Critical Illness Cover, Income Protection or a Family Income Benefit to name a few. Our expert advisers can guide you through all the different types, what's the most relevant to you and what you would want to leave behind for your family and loved ones.
Ideally we would all have adequate protection in place to cover any eventuality life could throw at us, however, we do need consider what we can afford.
Our life insurance calculator should give you a idea of what we think should be in place to cover the likes of any outstanding mortgages or monthly rental commitments, outstanding credit commitments and your annual income currently going into the family home.
We also recommend considering if you have children under the age of 18, how much it costs to raise a child and the contributions that go towards the likes of school, university, weddings and help buying a house. According to a 2021 CPAG report the annual cost of a child stands at £8,927 up to age 18 and £3,446 per year if your child goes to university according to a 2017 Aviva report.
How Much Income Protection Can I Get?
Income Protection providers are able to help maintain our income either until we return to work or until the day we were due to retire. Speak to on of our advisers for more information on income protection.
If you found yourself seriously ill and unable to continue working, how long will your employer pay you sick pay for? Once that runs out we need to find other means of supplying ourselves with an income stream to ensure we can continue to pay our mortgage, pay our bills and fund our family. This is where income protection steps in.
How Much Can I Borrow On A Buy To Let?
It's important to understand that each lender calculates maximum borrowing differently. This calculator is based on a common calculation used for a basic rate tax payer with fewer than 4 properties placing a 25% deposit down.
When looking at purchasing a buy to Let property, most of the emphasis when calculating how much you can borrow is placed on the rent you are likely to receive.
There are other factors to consider when purchasing a Buy to Let property which include level of the deposit, tax banding, number of buy to let properties already owned, level of sole or joint earned income and whether you are buying a standard Buy to Let, a holiday let, or a HMO
