Mortgage calculators - How much can I borrow?

Banks and building societies used to lend three times a single salary or two and half times a joint salary on a property mortgage. With the average house price in the UK now over £130K, lenders have had to rethink their criteria. In addition to salary, they now consider deposit size and monthly financial commitments (excluding rent or mortgage payments) when making their decision. Our borrowing calculator can give you an idea of the amount could borrow under the new criteria.

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You may be interested in the following mortgages:

Provider
& mortgage
type ?		APRs Max. Loan To Value ? Fees & Other
charges ?		Enquire
Initial rate & Period ? Subsequent rate ? Overall cost for comparison ?

First Direct tracker +2.19% for term

2.69% for term2.69%2.8%65% Arrangement fee:£499

Early repayment charge:None		Enquire

First Direct fixed 2.89% for 2 years

2.89% for 2 years3.69%3.7%65% Arrangement fee:£499

Early repayment charge:3% reducing to 2% for 2 tears		Enquire

Coventry tracker base +2.45% for 2 years

2.95% to 30/06/144.74%4.5%65% Arrangement fee:£999

Early repayment charge:3% until 30/06/14		Enquire

Yorkshire fixed 3.39% for 2 years

3.39% to 30/06/144.99%4.8%75% Arrangement fee:£495

Early repayment charge:3% to 30/06/14		Enquire

Nationwide fixed 3.69% for 3 years

3.69% for 3 years3.99%4%70% Arrangement fee:£999

Early repayment charge:4% for 3 years		Enquire

Mansfield 2.41% discount for 3 years

3.18% for 3 years5.59%5.1%80% Arrangement fee:£999

Early repayment charge:3% for 3 years		Enquire

Hinckley & Rugby 1.85% discount for term

3.79% for term5.64%4%85% Arrangement fee:£1090

Early repayment charge:None		Enquire
These figures are based on a loan of £120,000 on a repayment basis over 25 years.

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Some important information about this page

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

This mortgage service (the “Service”) is provided by lovemoney.com financial services limited, located at Golden House, 30 Great Pulteney Street, London, W1F 9LT. lovemoney.com financial services limited is authorised and regulated by the Financial Services Authority (FSA FRN 479153).

By using the Service, you acknowledge that the Service is administered by lovemoney.com and not The Motley Fool. If you have any questions about the Service or any data displayed, please contact lovemoney.com.

The Motley Fool does not provide personalised financial advice.

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