Check how much your mortgage repayments will be if interest rates rise.
Update the purchase price and adjust the deposit to see how much your mortgage will cost you.
We highly recommend using a mortgage broker to make sure you understand all your borrowing options and get the best value mortgage product you can.
Whilst your bank may well offer you a mortgage, they may not offer you as much as another lender or at as competitive a rate as you could obtain elsewhere.
Typically, most lenders will offer around 4.5 times your income - what counts as income to each lender though is different.
Some lenders will accept bonuses and overtime, whilst others won't. Some require you to have been in a job for a certain amount of time or be out of your probationary period, others don't.
A good mortgage broker will know straight away which lenders are most likely to lend you the money.
Not all mortgage brokers are equal - a good one will ensure your 'decision in principle' (also known as an 'agreement in principle') is realistic and likely to be obtainable (given your personal circumstances).
An unrealistic decision in principle provided by an automated online mortgage broker may mean you can't borrow the amount you need. Don't risk losing your new home due to assuming that an automated mortgage decision in principle is accurate - make sure you either contact a lender directly or go through a real mortgage broker that you can speak to.
Most people aren't eligible for the cheapest rate a bank offers, a mortgage broker will be able to give you a more accurate repayment cost than an online mortgage comparison website.
In addition to this, a good mortgage broker will be able to do the following:
For most people, going to each lender to find out this level of detail is not only prohibitively complictated and time consuming but actually impossible as you simply won't be able to get access to the same mortgage products that the broker is able to access.
Many lenders do not want to deal directly with the public and much prefer to sell their mortgages through an independent mortgage broker.
Yes, I want a free 30 minute call to find out what my mortgage options are and what I can borrow.
Be aware that many of the online 'decision in principles' that are available (without speaking to real mortgage broker) are not realistic and often won't lead to a successful mortgage offer.
Make sure you understand the mortgage terminology so you know you can borrow the money you need.
Mortgage FAQ'sWe compare the market to bring you the best mortgage deals from over 90 lenders.
Mortgage best buysPlease note: these mortgage repayment calculations are intended as a guide only.