How much can I borrow?
Ditch the generic mortgage calculator, and get real-time advice
My first advice to you is to find out how much you can borrow on a mortgage BEFORE you start looking for your next home.
But how do we work out how much that is?
Online calculators may give you a ball-park figure, but there are too many factors that they don’t take into account.
Together we’ll be looking at your income and bank statements so we can get a clear picture of your financial situation. When I understand how much you spend versus how much you earn, I can begin to work out how much you can afford to borrow.
Different lenders have different criteria, so I don’t like to rely on generic online mortgage calculators. I believe a clear picture, and even a mortgage in principle is far more dependable.
Residential mortgage borrowing vs Buy to Let borrowing
Although in essence, a mortgage is a mortgage, there are slight differences between borrowing for a home to live in and borrowing to buy a house to rent out. There may be a difference between borrowing as a first time buyer and remortgaging too.
Unlike a residential mortgage there are quite a few additional elements to factor into your buy to let mortgage calculator, like how long you borrow the money for or if you are buying as an individual or LTD company.
Check your credit score
Another factor that generic mortgage calculators don’t take into account is your credit score. We recommend Checkmyfile*, a free trial of which allows you greatly improved accuracy of your credit data, and up to 30 days to download your report.
My mortgage calculations help you to:
*Checkmyfile requires signing up to a 30-day free trial. You will not be charged if you cancel your free trial within the 30-day period. MK Mortgages receives a £12 commission for every free trial entered.
! THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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