How much could I afford to borrow?
In order to start the process of any property purchase, you will need an idea of how much you can afford and what the likely repayments will be. It is probable that you will consider quite a number of properties before finding the perfect one so it’s important to have a good idea of your budget - it could save you wasting time on properties which may be unsuitable.
A handy budgeting tool
The Mortgage Hut’s useful, easy-to-use mortgage affordability calculator can not only give you an indication of the mortgage you could afford but additionally calculates your stamp duty payment. Giving you those essential numbers to work with when considering your moving costs and working out your budget.
To get started, all you need to do is enter your total annual gross income along with your deposit amount and the calculator will immediately show you an illustration. This will include; a mortgage value estimate, a recommended house price and the stamp duty cost along with extra information such as the estimated monthly payments and the Loan-to-Value ratio (one of the key factors that lenders look at when qualifying borrowers for a mortgage). You can then adjust your preferred monthly payment if needed using the slider.
Get started today!
These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made. For mortgage advice - come and visit The Mortgage Hut at one of our branches or give us a call.