Mortgage Calculator & Affordability Report.
More than just a mortgage calculator our mortgage affordability report will help you decide whether or not you can afford a mortgage.
Overview
| Requested | Affordable |
|---|
| Purchase Price | £160000 | £176000 |
| Mortgage | £120000 | £136000 |
| Deposit | £40000 | £40000 |
| Interest Payable Over Term | £70025 | £79358 |
| Total Payable (Capital and Interest) | £190025 | £215358 |
| Loan To Value (LTV) | 75% | 77% |
| Term | 25 years | 25 years |
| Monthly Payment | £633 | £718 |
Summary
Requested
On a mortgage of £120000 at 4% you are looking at repayments of £633 per month for 25 years.
Affordable
On a mortgage of £136000 at 4% you are looking at repayments of £717.86 per month for 25 years.
Most mortgage lenders will lend up to a maximum of between 4 and 4.5x the gross (before tax) income of your household. This means to qualify for the mortgage, you will need to have a total household gross annual income of at least £32000
As a result of the recent Mortgage Market Review mortgage lenders must take into account all discretionary expenditure and financial dependants (including non-working adults living in the household) when deciding your eligibility and affordability for a mortgage.
With any property purchased at a price over £125,000, you will need to apy a government levy tax of £300 , this is known as Stamp Duty Land Tax (or Land and Buildings Transaction Tax in Scotland).
Other Costs
| Cost | Amount | Description |
|---|
| Stamp Duty | £700 (£300) | A tax paid to the government when you buy a property in the UK over a certain price. England & Wales (Scotland). |
| Solicitors Fees | £350 - £2000 + VAT | This is to cover the legal work involved in purchasing a property, both buyers and sellers will require a solicitor to facilitate the transaction. |
| Mortgage Booking Fee | £0 - £250 | Some lenders will charge you this to when applying for a mortgage, may be refundable should your application fail. |
| Valuation Fee | £150 - £1500 | Most lenders will want to get the property valued to ensure it's worth the amount being applied for. On some deals this cost may be covered by the lender. |
| Searches | £200 - £300 | Usually performed by your solicitor, this cost is to check with the local council any planning or local issues that may affect the property |
About
More than just a mortgage calculator our mortgage affordability report will help you decide whether or not you can afford a mortgage. Our repayment calculator gives you an idea of what your monthly mortgage payments might be for a particular loan. Enter your and your partners income (before tax), the preferred mortgage term (in years), your interest rate, property price and deposit to find out what it will cost each month.
Once you have inputted your details our mortgage calculator will create:
- A useful mortgage affordability report that includes mortgage repayment schedule details
- A forecast of disposal income
- Calculation of other costs and fees including Stamp Duty.
- A set of diagrams that provide a visual overview of the mortgage detail.
*This mortgage calculator gives an indication only of what your monthly mortgage repayments will be for different rates, terms and amount of mortgages, it does not constitute advice. The mortgage calculator is dependant on the rates you input and does not include any introductory offers, discounts or fixed rates coming to an end and subsequent rate changes. The figures do not include the cost of buildings or life insurance.
