Mortgage calculator suggestions?

AHarvey · 26 Aug 2018 at 21:03

Hi,

Before I pop down and speak to the local mortgage advisor I was hoping to have a look at some online calculators to get a ballpark figure.

It seems that with the same figures you can get quite a range of offers.

What have people found to be the most accurate?

robj20 · 27 Aug 2018 at 00:52

Made my own in excellent. Takes a few minutes.

Kenai · 27 Aug 2018 at 07:17

Compared to the figures achieved with an actual advisor, none of the online calculators were even in the ballpark for me.

Semple · 27 Aug 2018 at 09:04

Are you looking for a "how much can we lend you" calculator. Or a "how much will my monthly payments be".

If it's the former, I would use their own calculator as that's pretty much what they'll use during a mortgage appointment. If you're on a fixed full time contract, with no fixed outgoings (loans etc) then it should be fairly accurate.

Simon · 27 Aug 2018 at 10:58

Kenai said:
Compared to the figures achieved with an actual advisor, none of the online calculators were even in the ballpark for me.

More with advisor or less ?

Kenai · 27 Aug 2018 at 11:37

Simon said:
More with advisor or less ?

Much more with advisor, about 15% more than the 'best' calculator had suggested

Sparky__H · 27 Aug 2018 at 14:42

Find out who is offering the best rates then book into see them. As others the principle offer was well above online calculators.

blairw · 27 Aug 2018 at 17:19

I tended to look at the calculators that the banks have for their intermediaries (brokers) to use such as - http://www.intermediaries.hsbc.co.uk/

Usually they are a much more accurate calculator / allow you to put in more detail

Phantom Shadow · 27 Aug 2018 at 19:20

Generally you're looking at a maximum of 4.5x salary and additional regular provable income plus 50/100% of 2 year average of annual bonuses, less the outstanding amount of any existing loans. That'll at least get you in the ballpark.

Each lender's criteria varies slightly from that, as mentioned the calculators on the intermediary sites are good. The intermediary sites will also detail the criteria so you can see which income they will and won't count.

Syla5 · 28 Aug 2018 at 12:29

https://www.drcalculator.com/mortgage/

This calculator is spot on, and you have so much control over all aspects of the lending profile from capital, interest, deposit, amortisation periods, over payments, extra payments, etc etc.

I feel you would be hard pressed to find better.

EDIT: Just realised OP is looking for a "how much could we get" calculator. Annoyingly a ballpark figure is the best you will get until you have a specific house in mind. All lenders use different criteria to determine how much they will lend. Go to all the top lenders and use their calculators and you will end up with a rough idea of what you may get.

hughtrimble · 28 Aug 2018 at 12:33

Speak to Which?. It's entirely cost free until you proceed with them and they tell you what you can get and who with before that stage.

Jamesyboyjim · 28 Aug 2018 at 12:40

I just shopped around with the banks / building societies online calculators to see roughly what they were saying, in the end I was able to borrow around 30k more than the calculators suggested.

Simon · 28 Aug 2018 at 12:59

Seems most use 4.5x gross salary at moment

Psycho Sonny · 28 Aug 2018 at 13:07

AHarvey said:
Hi,

Before I pop down and speak to the local mortgage advisor I was hoping to have a look at some online calculators to get a ballpark figure.

It seems that with the same figures you can get quite a range of offers.

What have people found to be the most accurate?

every lender will have slightly different criteria. tbh I don't see the big fascination with people trying to borrow the absolute maximum they can. it just means you have less money every month to spend on other things which make your life more enjoyable. less money to use towards over-payments or investments, holidays, etc.

if anything you should be looking to borrow as little as possible. not as much as you can. unless you can be sure whatever you are buying will outstrip any other investment you could have made using the same money and plan on cashing in on that equity later down the line.

bank offered me X+ 25%. I decided just to take X.