How much can I borrow
There have been new rules introduced that have affected the mortgage lending market. Lenders now have to focus more on affordability, and will often review your employment, your income, your monthly outgoings and other factors to determine whether to grant a mortgage.
Find out how much you could borrow with our mortgage table above.
How to calculate mortgage repayments
If you want to find out how much you can borrow and how much you will have to repay on a monthly basis, then use our mortgage calculator above.
Complete the fields to indicate what mortgage you want: input the purpose of your mortgage, the value of the property, the amount you wish to borrow, the type of mortgage you want, your preference on capital and interest or interest only mortgage and the length of mortgage.
Once you have successfully completed the fields, the mortgage calculator will produce the best mortgage deals on the market.
What is a fixed rate mortgage
Fixed rate mortgages offer you the chance to secure a fixed interest rate for an introductory period. Typically, banks will offer fixed rate mortgages from 2,3,5 or 10 years.
The opportunity to pay a set amount of interest may be appealing, but bear in mind it is impossible to forecast exactly what interest rates will be like half way through the fixed term. It is possible that an attractive interest rate now may not look so good in a few years’ time.
What is a tracker rate mortgage
Tracker mortgages are determined by the Bank of England’s base rate. This means that any movement from the base rate will affect the tracker mortgages’ interest rate.
Repayment or interest only
Repayment mortgages are a type of mortgage that enables you to pay both the capital and the interest on the mortgage. It is not uncommon for these mortgages to have higher monthly repayments.
Interest only mortgages often have lower monthly mortgage repayments, as you are only required to pay the interest of the mortgage.
Making overpayments
One way of paying off your mortgage quickly is making overpayments. However, it should be noted that not all lenders will allow overpayments or may levy early repayment charges. It is important to check with the lender before looking to make an overpayment.
