Consider how your new home costs may impact your other spending goals, such as travel and savings. How much of a down payment should I make? Are you putting down as little as possible and having to make up for it with larger monthly payments — and possibly having to pay mortgage insurance? In some respects, the mortgage lending industry is working against your best interest. If you are deemed a qualified borrower, a lender is prone to approve you for the maximum it believes you can afford.
But in some cases, that amount may be too generous. Buying a home always means dealing with big numbers. And the impact to your budget may seem to be a stretch, particularly in the beginning. The challenge is buying a home that meets your current and future needs, without feeling like all of your money is in your home — leaving you without the financial freedom to travel, save for other priorities and have a cash flow cushion.
Run affordability scenarios. You can get another view of your home-buying budget by running some what-ifs through the NerdWallet home affordability calculator. Talk to more than one lender. You are more likely to get a better interest rate by comparing terms offered by multiple lenders, and it might be illuminating to see the loan amounts different lenders will qualify you for.
Consider all homeownership expenses. Lenders consider several factors in determining the amount you qualify for, including:. Your debt-to-income ratio. Your loan-to-value ratio. This ratio is a function of the amount of money you put down. Your credit score. Small improvements in one or more can make a substantial difference:. A bigger down payment always helps. Be a tactical buyer. Planning to remortgage.
Do you want to Get a personalised quote. If, however, you want to borrow more, please get in touch. Call us on Relay UK: Log in. Quick quote. Get quote.
Get a quick quote. Get an idea of what mortgages we could offer you, by answering a few questions. Get started. Look for a new buy to let mortgage. Get an Agreement in Principle.
Alternatively, get an idea of what mortgages we could offer you, by answering a few questions. Get an idea of what mortgages we could offer you by answering a few questions. Get in touch. You can get in touch over the phone or visit us in branch. Get a new mortgage. You are looking at getting a brand new mortgage with us for your new home. Take your mortgage deal with you. Find out more. What next Personalised quote.
Finally, what would you like to do Get a personalised quote on the options that you have selected. Find out how much you could borrow and see the monthly costs.
See the mortgage rates we may be able to offer you. Change my deal. Change my deal and borrow more. Please get in touch over the phone or visit us in branch. Call us on: Relay UK: Mortgage calculator.
Find out how much you could borrow and what it could cost. What you've told us so far Property price. Value of current property This is the amount that you expect your property to be worth. Based on your last valuation. Amount you still owe You'll be able to find this out from your last mortgage statement. Repayment type There are two different ways you can repay your mortgage: capital and interest or interest only.
Please select Interest Capital and Interest. Mortgage term yy No. Mortgage term mm No. Planning to borrow more? Capital and interest. Interest only. Please tell us a bit about yourself and anyone else who is applying. How many people are applying? Your details. Your annual income If you're self employed, please enter the average of your annual gross earnings over the past two years. This is income before tax and National Insurance deductions.
Don't include overtime or any bonuses that aren't guaranteed. Do you personally have any other sources of income? Annual amount before tax.
Do you have any loans? These are any unsecured loans, like a loan to buy a car or holiday. Monthly loan repayments. Do you have any credit cards? Credit card balance after your last repayment. Do you have any other monthly committed expenditure? Don't include grocery shopping, utility bills, fuel and travel. Monthly expenditure amount. Second applicant details. Their annual income If they're self employed, please enter the average of your annual gross earnings over the past two years.
Do they have any other sources of income? Do they have any loans? Do they have any credit cards? Credit card balance after their last repayment. Do they have any other monthly committed expenditure? Do you or any additional applicant have any dependants? A dependant is someone you support financially and can be under or over Dependants under Number of dependants under Dependants over Number of dependants over Approximate price of property.
Deposit This is the amount of money you've already got towards the cost of the property. Years 35 years 34 years 33 years 32 years 31 years 30 years 29 years 28 years 27 years 26 years 25 years 24 years 23 years 22 years 21 years 20 years 19 years 18 years 17 years 16 years 15 years 14 years 13 years 12 years 11 years 10 years 9 years 8 years 7 years 6 years 5 years 4 years 3 years. Email address If you give us your email address, you're agreeing that we can email you about your result, which may contain our mortgage rates.
Marketing information We'd like to follow up with you to let you know about our mortgage offers and support you in the mortgage process. I'm happy for you to contact me about mortgages. Feedback panel Loan to value. Based on what you told us, you need a mortgage of. Based on what you told us, we could lend you Your monthly payments could be In order to assess your affordability for a mortgage, a lender will typically ask for proof of your income as well as any living expenses they need to consider.
They will then run a credit reference check to ensure you will be able to maintain the mortgage payments and the lending amount is correct for you.
You may be asked for supporting documentation during an affordability assessment such as your proof ID, proof of address, proof of income and any additional information which may support your application. Mortgage interest rates are the additional cost associated with borrowing from a lender to buy a property.
Essentially, the higher the interest rate, the higher your monthly mortgage payments are likely to be. The type of mortgage you choose will determine the type of interest you can expect to pay, whether this is a Fixed-rate or Variable mortgage.
Fixed-rate mortgages generally come with a higher interest rate, whilst a Variable mortgage will be lower with no guarantee of your interest rates not rising. Our mortgage calculators will show what mortgage rates are available to you and let you compare the monthly payments.
We have other calculators and tools to help you manage your mortgage. Try our mortgage overpayment calculator and rate change calculator. Buying a new home? Our location finder tells you more about the local area. The conveyancing service will give you quotes for your legal costs. This shows how overpaying on a mortgage could save you money. You could reduce the amount of interest and you could pay off your mortgage faster. Ever wondered how energy efficient your home is or need tips and suggestion on where improvements can be made?
Then our home energy saving tool can help. Moving home?
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