Which mortgage calculators are available?
Our customers partner with us at all different points of their property journey/s. For this reason, one calculator does not fit all sizes. For example, a mortgage to move house is different to a mortgage for your first home.
Therefore, we have five different mortgage calculators on our website. These are:
How to get mortgage-ready
Once your mortgage application is complete and submitted, you can get an answer back from a lender in a short period of time (within two weeks).
However, it can take a fair bit of time to get mortgage-ready
before this point.
You need to present a crystal clear picture of your finances in your mortgage application. This is done by tracking your income and your expenses meticulously for a period of time before applying for a mortgage.
Your salary will be taken into account alongside any other income you might earn on a monthly basis.
So too will your expenses.
All of your expenses. From rent to transport to servicing credit card debt to food costs, all of the money you spend on a monthly basis needs to be factored into your financial snapshot.
This is to provide both you and the lender with the most accurate idea of the mortgage sum you can afford. Unforeseen costs do arise with home ownership. Interest rates can go up as well as down in the wider economy and house maintenance costs can also arise.
The process of getting mortgage-ready also highlights where you need to focus on making changes if you’re not in a position to buy a home now.
As a general rule of thumb, settling credit card debt and outstanding personal loans as quickly as possible is a good move. Your mortgage application will be stronger for doing so.
We also encourage all of our customers to save as much as they can for their deposit.