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Mortgage Affordability.

Following the Mortgage Market Review (MMR), all lenders must make sure that applicants can afford their mortgages. This calculator will give you a rough idea of affordability, but please remember that we do consider all applications manually, not with automated tools.

Use this calculator to get a quick view of whether you would be likely to qualify for the mortgage amount you want. Please note this calculator is an indicative tool and does not constitute a mortgage offer or guarantee that we will be able to offer you a mortgage.

A few useful tips:

  • Use current figures for expenditure, not future forecasts.
  • You must include all committed and essential outgoings. If there aren't boxes for the types of outgoings you want to include, please group them together under one of the headings available.
  • As a minimum we use average level of spend, based on data from the Office of National Statistics (ONS). If your outgoings exceed this sum, please enter these figures within the 'confirmed expenditure' column.
  • For the categories of Travel & Transport and Housing, Fuel, Power & Communications: if you can demonstrate that you spend less than the ONS figure, you can enter your own figure. Tick the 'verified' box alongside your data entry, as long as you can show evidence (such as bank statements) to support your figure
  • Greyed-out figures for outgoings mean we are using an average based on data from the Office of National Statistics (ONS). If you want to use a lower amount, you can enter your own figure. Tick the 'verified' box if you can show evidence (such as bank statements) to support your figure.

Your home may be repossessed if you do not keep up repayments on your mortgage.

ONS data shown as at December 2015

To proceed to an application or if you have any queries please contact a Mortgage Consultant on 0330 123 0773.

Affordability Calculator for Retired Applicants

Loan Details  

 

 

 

 

Household Composition  

 

Income Details  

Gross Annual Income  

  Net Monthly Income  

Gross Annual Income  

  Net Monthly Income  

Expenditure Details - monthly total amounts (greyed out areas indicate ONS average data)  

  Confirmed Expenditure Verified

   

   

   

 

 

 

Are you ticking the VERIFIED option box for Expenditure?
Please be aware that whilst we can take an individual view on your clients circumstances, so we do not have to rely upon ONS data, we will need to fully assess their financial position using their Bank Statements to verify their declared expenditure.

Other Mortgage Details Repaying

  Balance
Outstanding
Rental
Income
Monthly
Payments
 

Add another line  

Loan & Hire Purchase Agreements Repaying

  Balance
Outstanding
Monthly
Payments
 

Add another line  

Credit / Store Cards Repaying

  Balance
Outstanding
Monthly
Payments
 

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Calculate  

  Free Disposable
Income
Monthly
Payment
 

 

Your home may be repossessed if you do not keep up repayments on your mortgage.