Income Calculator
| How large a mortgage could you borrow You can use this calculator as a guide to determine what the mortgage companies will allow you to borrow. There are a lot of factors, of course, which will ultimately determine how much your bank or Mortgage Company will lend you, but gross income and current credit or debt payments are the most heavily weighted qualifiers. There are however, two main factors which have
an effect on the amount you are able borrow - your gross annual
salary and the amount that the lender is prepared to lend in relation
to that salary. Most lenders will currently lend a maximum of 3.5
times the first income plus one times the second income. If you
are married or have a partner they will usually be prepared to add
the two incomes together and multiply the combined figure by 2.5
times if this gives a higher figure than the first method.
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Questions? Then, go on to complete our simple enquiry form this service is free and does not place you under any obligation.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.
Income Calculator |
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