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
Add another line
Calculate
Free Disposable
Income
Monthly
Payment
