Calculate mortgage rates and monthly repayments illustrations…
The figures generated are for illustrative purposes only and are not a mortgage offer. Actual rates and repayments will depend on your circumstances and lender criteria.
To find out how much you could borrow, please speak to one of our advisors so we can get the necessary information.
It’s an estimated average.
The maximum you can borrow could be considerably higher, but online calculators can’t help you with this.
Book a quick chat with one of our brokers to find out the MAXIMUM you can borrow.
Find Out the Maximum You Could Borrow
Mortgage lenders use different income multipliers and affordability criteria to determine how much you can borrow. This means you could borrow considerably more from one lender than another. As we have access to a wide range of lenders, including specialist lenders and exclusive deals, we can find out the highest amounts you can borrow from across the mortgage market.
Find the Right Deal
Everyone’s situation and goals are different, which is why there are so many different types of mortgage products. Choosing the wrong deal could cost you down the line and make life more difficult. A good mortgage broker will explain your options and recommend the deal that’s right for you now and in the future.
Find Lower Rates
Going it alone or using a mortgage broker who is affiliated with specific lenders will limit your options, meaning you may pay more than you need to. As independent mortgage brokers, we can access deals from across the market, including exclusive deals that aren’t available directly. This allows you to see the full range of rates available to you.
Protect Your Credit Score
Being rejected for a mortgage deal can damage your credit score, which could make it harder to get accepted the next time round. A good mortgage broker understands the criteria for each lender, including their affordability and credit assessments. This means we can look at your financial situation and only recommend deals you’re likely to be accepted for.
Save Time
You should never speak to just one lender when getting a mortgage or remortgage. Doing so could mean you pay more than you need to. But speaking to lots of lenders can take a huge amount of time, as each one will need to interview you about your financial situation. Using a mortgage broker means you only need to have one meeting, then we can use that information to see what deals are available to you from a wide range of lenders. You can speak to us via phone, video call or in person at a time that suits you.
Lenders will look at your affordability and credit score when deciding how much to lend you. When working out your affordability, lenders will take into account your income, expenses and other debts. Providing you pass the lender’s checks, an income multiplier will often be used to determine the maximum amount you could borrow. Typically this is around 4.5x your income, but some lenders use income multipliers as high as 6x income for certain applicants. Aside from using different income multipliers, lenders also use different affordability and credit criteria, so it’s important to speak to a mortgage broker to see all the different deals available to you.
There are several credit reference agencies in the UK that allow you to monitor your credit score. These agencies also allow you to spot and correct mistakes and provide other tips to improve your credit. However, the three main credit reference agencies in the UK all use different data sets and models to calculate your score, meaning you can’t get a complete picture without using all three. This is one of the reasons we recommend using CheckMyFile, where you can see all three of your credit reports in one place.
Learn more about CheckMyFile by reading our guide, ‘What is CheckMyFile and is it the Best Way to Check My Credit Score?’
Loan-to-value (LTV) is a ratio used by lenders to determine what interest rate you qualify for. The two sides to the LTV ratio are the size of your deposit and the size of your loan. The LTV ratio is presented as a percentage, which represents the percentage of the property’s price that will be covered by the mortgage. The lower your LTV, the lower your interest rate might be.
To learn how to calculate your LTV and see an example, please read our guide, ‘What Does Loan-to-Value (LTV) Mean and How Does it Affect My Mortgage Rate?’
Generally, the smallest deposit you need to get a mortgage in the UK is 5%, but if you can save a 10% deposit or more, you should have more deals available to you. If you only have a small deposit, there are various Help to Buy Schemes available to help you get on the property ladder. There is also one mortgage product on the market where you don’t need a deposit at all, but its eligibility criteria are very specific.
Explore Your Options Properly
Don’t just check with your current lender. Don’t just check with a handful of lenders. Get an independent mortgage broker (like us) to search a wide range of lenders from across the market to see which one can offer you the lowest rate.
Reduce Your Loan-to-Value (LTV)
Reducing your LTV can reduce the interest rate you pay. You can either reduce your LTV by saving a larger deposit or by purchasing a cheaper home with your current deposit. Remember, you can always work towards lowering your LTV over time by keeping up with your repayments, and if your property increases in value, this will also help.
Improve Your Credit Score
Lenders often offer lower interest rates to people with better credit scores. This is because they see you as less risk. We recommend using CheckMyFile to access all three of your credit reports in one place. You can then use this information to spot and correct any mistakes and take other steps to improve your credit score.
Consider an Offset Mortgage
Offset Mortgages allow you to use savings to reduce the amount of interest you pay on your mortgage. You simply transfer your savings into a bank account that’s linked to your mortgage, usually with the same lender. The more money you save in the account, the less interest you’ll pay. This is similar to overpaying your mortgage, but the main difference is that you can still access the savings whenever you need them.
You can learn more about Offset Mortgages by reading our guide, ‘Offset Mortgages – Could You Save Money on Your Mortgage?’
