One of the first things you need to do when considering buying a property is to work how much money you will likely be able to borrow.
It is also vital to know what costs you will incur during the property buying process.
There are a number of typical calculations that can be done to achieve an estimate.
But there is no need to do it the hard way when there is a range of useful online calculators that will do it for you. Here’s a summary of popular types of online mortgage calculators and tools:
- How much can I borrow calculator
This calculator will give you an estimate of how much you will be able to borrow and an indication of how likely you are to get it.
You will need to enter your monthly income or joint monthly income if you are buying with someone else. It is based on thousands of mortgage rates.
- Mortgage comparison information
Once you have gleaned an estimate of how much you might be able to borrow, use mortgage comparison websites to find out which mortgage deals could be best for you.
- Stamp duty calculator and mortgage rate calculator
Part of your affordability calculations should include working out the costs involved when buying a property. Use a stamp duty calculator and mortgage rate calculator for guidance.
LTV, is a measure of how much money you will be borrowing against the value of the property being put forward as collateral to the lender.
The lower your LTV, the more attractive you are to lenders which can mean access to better mortgage rates. Use a LTV calculator to help give you a clear idea of your options.