This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.
If you have a budget of £600 per month, you'll need to know what sort of mortgage that means you can get - and therefore, what property you can buy.
Here we'll work through how mortgage affordability works, and what sort of loan you can secure at a budget of £600 per month.
For more information about finding a loan within your budget, give us a call on 0330 304 3040, or email the Revolution team at info@revolutionbrokers.co.uk.
Affordability is key to a mortgage application, and your lender will need to know your employment status, and how stable your income is.
For example, if you are due to retire soon, or are self-employed with variable income, it will impact your application.
The property value is also critical since if you have a small deposit and need a mortgage for a large proportion of the home's cost, the risk to the lender is increased.
As an illustration, a property costing £300,000 with a mortgage application for £240,000 means a Loan to Value ratio of 80%. The higher the deposit, the lower the risk and the better the terms you will be offered.
You can use a mortgage calculator to get a rough idea as to what you could borrow - or give us a call on 0330 304 3040, and we'll crunch the numbers for you!
Our calculators are a fast and convenient way to get an estimate as to what you can borrow. For example, if you've got a budget of £600 a month, and choose a standard mortgage term of 25 years, based on an approximate 2.5% interest rate you could borrow about £135k.
However, calculators are only ever indicative, and won't know what sort of products are on the market right now, or how likely your application is to be accepted.
Lenders will look at many factors, such as your age and income, employment status and credit history.
If you have a clear credit file and can afford the mortgage repayments, you have a good chance of being approved.
Most UK mortgages are on a standard term of 25 years, although these can be much shorter or longer depending on the circumstances.
The longer the term, the lower the monthly repayments, but the more interest you will pay overall and the longer it will take to pay back the loan.
Interest rates don't depend on what you repay per month but on factors such as what deposit you can put down, and how risky your application is considered.
Give us a call to chat about average UK mortgage interest rates and get a better idea about what costs you might expect to pay.
To find out what mortgage you can get for £600 per month, give us a call today on 0330 304 3040, or email the team at info@revolutionbrokers.co.uk.
As an independent, whole-of-market broker, we scour the field for the most competitive deals to ensure you get the borrowing you need.
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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.
Revolution Brokers understands that mortgages can be complex and confusing!
Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.
