Enter your details below to work out whether you could afford a home using a Help to Buy equity loan.
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This is than your mortgage requirement of .
Calculations are based on 3.5 - 4.5 times your total annual income. Lenders' criteria vary and other factors will affect their decision.
The property is located in London and its price is £500,000.
Cash Deposit is £25,000
You can get a mortgage loan up to 40% against the equity in London.
Total loan you can get would be £200,000 and mortgage requirement would be £275,000
Your mortgage loan eligibility also depends on your annual income. Most of the lenders lend money up to 3.5x to 4.5x of your annual income. So if your annual income is £50,000 then you may be able to borrow £175,000 to £225,000. Other factors can affect your borrowing eligibility.
Whether you are taking steps to save on an existing mortgage, are looking to invest in a buy to let property, or are saving for a deposit on your first home, it can be helpful to understand exactly how much you can expect to borrow.
A UK mortgage calculator will ask you for a few pieces of information that are most likely to have an impact on the borrowing limit lenders will place on your application. This will typically include your income including bonuses and overtime, outstanding balances on overdrafts and credit cards, over how many years you want to spread your borrowing, and the size of your deposit. The most accurate calculations will also consider how likely it is that you will be ready to purchase a property within the next six months.
As one of the largest financial commitments many of us will make in our lifetimes, it is important to have a clear understanding of precisely how much your mortgage outgoings will cost every month. After entering a few basic details including the type of mortgage you are considering, the amount you need to borrow and the number of years that figure will be spread across, a repayment mortgage calculator will provide you with an estimate that should allow you to organise your finances and determine whether you can comfortably afford your repayments. Please note that mortgage calculator repayments are just estimates and may differ from final offers.
A buy to let mortgage calculator will ask the same questions as well as the monthly rental income you expect to receive. There are many other mortgage calculators out there, including some that will help you to determine how Bank of England base rate  changes may impact your repayments.
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