Your Mortgage Rate Calculator – working out how much you can borrow
Whilst there’s no magical mortgage rates calculator, there is a way you can find tailor-made mortgages, that are right for you. Find out more, with MO.
Buying your first home is quite possibly one of the most important moments in your life – yes, even bigger than your 18th birthday where you’re legally allowed to drink… Whether your parents are practically pushing you out the door or you’re just tired of paying for your landlord’s retirement, there comes a time in everyone’s life where it’s just time – to finally move out and secure your very own home.
Your name will be on the deed, and it will be yours! But, first comes the challenge of knowing your budget. Because you can’t dive into buying a home without a clear idea of your budget in mind – aiming for a 13-bed house with a pool for your first home may not be so realistic… That’s why it’s a great idea to see what sort of mortgage you can secure yourself before you start searching.
So, if you’re wondering how much you can borrow for your mortgage, you’re in the right place… A mortgage rate calculator can help you figure out what you can borrow. So, we’re going to tell you all about it in this post – so pay attention! Pen and paper at the ready!
Mortgage Rate Calculator
The Simple Answer
Unfortunately, there is no simple answer – that’s the simple answer… Every mortgage broker and lender are different and will judge you on different criteria. So, the amount you can borrow varies from lender to lender, which is a real pain in the ****. The lenders don’t make it easy for you, they’ll be loads of steps you have to take to find the best mortgage rates. Doesn't matter if you look at fixed rate mortgages or tracker ones - it varies from lender to lender. What's important is to make sure that you calculate if you can afford the monthly payments on the mortgage you choose.
But they are out there, you just need to find the best one for you.
Work it Out
One of the key factors that every lender will judge you on is your income. It’s specifically important that you have an income – otherwise you’ll be unable to qualify for a mortgage. Your lender simply wants to know that you’ll be able to meet mortgage repayments (hence asking for evidence of an income). The more you earn, the more you can borrow.
Mortgages vary for those that are employed or self-employed. We’ll be going over Getting a Mortgage if you’re Self Employed in another post. Another sure thing you’ll be judged on for mortgage applications is your credit score. This isn’t going to become our catchphrase promise, but we’ve gone over this in a different article, so you can read about it in much more detail.
If only there was a website that could calculate exactly how much you could borrow… Oh wait, there is! And luckily for you, you’re on it…
Mortgages Online – MO
Yes, at Mortgages Online, our mission is to help you find the mortgage that is right for you. (You can thank us later). No matter if you're first time buyers or remortgaging your existing home, MO can help.
For now, all you have to do is put your details into our mortgage calculator and we’ll find the best mortgage for you. We search through thousands of offers, displaying the best deal for you and your current financial situation. We take into your pay, credit score and more! Its mortgages made easy and it’s what we do. Once you’ve found a deal your happy with, we’ll get in touch with you. It’s really that easy…
With Mortgages Online, you’ll be on your way to landing your first home. To see how much you could borrow, use our application page to get a personalised mortgage quote based on the information you provide to us!