Mortgage Calculator

Looking for a mortgage deal can be a lengthy process, so to ease those first steps, we’ve put together a specialist tool to help you calculate how much you could comfortably borrow. Read on below for more details on the benefits of lower and higher deposits, first time buyer advice, and the truth around loan-to-income ratio. Alternatively, head straight to our mortgage calculator tool to input your details now.

Mortgage Calculator


The pros and cons of a higher and lower deposit

Of course, the first stage in buying a house is gathering your deposit, especially if you don’t have an existing owned property to trade against it. Deposits can vary in how large they are, but a common figure is around 15% of the total cost of the property. Deposits can be as low as 5% and as high as you’d like.

Naturally, there are benefits to both paying a smaller and larger deposit upfront. With a larger deposit, you’ll get:

  • More mortgage lending options
  • lower monthly payments
  • Lower overall balance means lower interest rates

While it might seem like common sense to pay as much upfront as possible, not everyone has access to larger sums of money. Beyond this, there are also benefits to parting ways with a smaller deposit, and these are:

  • Less time needed to save up funds
  • Increase personal cash flow
  • React quicker to available properties that come up before you have larger funds in place

First Time Buyers – What to Know

To a first-time buyer, the world of mortgages, solicitors and home ownership is new, unknown, and sometimes confusing. Concepts such as an Agreement in Principle (AIP), fixed vs standard variable rate mortgages, and guarantor are perhaps brand new to the average first-time buyer. To help, we’ve put together a First Time Buyers Hub to answer all the questions and queries you may have around the topic.

Affordability vs Salary - Myths Busted

You might have heard varying numbers on the loan-to-income ratio of lending for a mortgage. We often accumulate knowledge of buying houses firstly from our older friends and family members, then from our own experience. Even when we do often draw on past experience, fast-moving changes in the industry can mean that rules change often.

So what is the current loan-to-income ratio? At present, lenders will generally offer 4.5 times your salary*, and this is currently what loan ratios are capped at.

Besides your salary, other factors that can determine the amount you can borrow include outgoings, non-essential payments, and any additional income.

Mortgage Calculator Tool – Find Out What You Could Pay

If all of this mortgage talk has got you wondering how much you’d actually end up paying per month on your mortgage based on your property price and deposit amount, then look no further.

We’ve created a mortgage calculator tool to help you see how much you’d be paying towards your dream home.