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.
Trying to understand what sort of mortgage you can get for your budget is a tricky process. Without knowing what kind of interest rates you'd be offered, it's almost impossible to calculate what any mortgage size would cost per month - and often this depends on multiple criteria.
In this guide, the Revolution Brokers team has summarised what sort of factors will impact your monthly mortgage cost, and what you might be able to borrow for a budget of £500 per month.
For tailored advice or to start your mortgage application, get in touch with our friendly consultants at 0330 304 3040, or email us at info@revolutionbrokers.co.uk.
The exact amount you can borrow will vary between lenders, and rely on lots of different assessments.
As an indication, if you had, say, a 20% deposit and have £500 a month to spend, you could borrow around £75,000 to £120,000 depending on what interest rates you are eligible for.
To illustrate this, if you borrow £112,000 over a standard 25-year term and are offered a rate of 2.5% interest, you'd be paying £502.45 per month on a repayment mortgage.
If that were an interest-only mortgage, the same borrowing would cost £233.33 in interest.
Every lender has different affordability criteria, so it is vital to use an experienced broker who can recommend the lenders we know will accept your application.
The total you can borrow depends on factors such as:
Again, the criteria depend on the lender and their policies. Each provider would consider things, including:
The typical UK residential mortgage runs for 25 years - but this can be shorter or longer.
If your mortgage is too expensive per month, but you need to borrow a specific value, then stretching out the term to say, 30 or 35 years might make it affordable, although you will pay more interest over a longer-term.
It isn't straightforward to estimate interest rates since these are unique to each application. Published rates might only apply to applicants who meet every eligibility criteria perfectly, and you could be quoted significantly different rates from two lenders.
The higher a deposit you can offer, the less risk attached to the loan and the lower the interest rates you're liked to be quoted.
Other circumstances also impact the interest charge, including bad credit and properties that aren't standard construction.
The best way to find tailored lending that fits in with your budget is to consult an independent broker with access to the whole of the UK lending market.
Business loan broker have years of experience negotiating lending for a wide range of clients and are here to help. Give us a ring on 0330 304 3040, or email on info@revolutionbrokers.co.uk to arrange a good time to discuss.
Remortgaging your home is a great way to release equity and raise finance for those home improvement jobs you've always wanted to do. Before applying, it's vital to work out how much equity you have in your property and ensure sufficient capacity to borrow the funds required for the renovation you have in mind. In today's article, t..
Do I Qualify for First-Time Buyer Status? Working out whether or not you are a first time buyer may seem obvious - but there are plenty of scenarios where your position isn't clear! Examples might include: New buyers who have inherited a property they rent out. Buy-to-let investors that have never purchased a residential hom..
Most homeowners know that remortgaging means switching a mortgage from an existing lender over to a new deal. However, the process isn't always obvious. If you're on a fixed-rate deal, you'll want to get ahead of the end of the term to avoid being shuffled onto a higher standard variable rate where your interest costs will undoubtedly ..
Finding a great mortgage as a first time buyer can feel like an uphill struggle, with a larger proportion of applicants being turned down than a year ago. Around 20% of first-time mortgage applicants are rejected, usually because of the lender risk associated with their loan. Today, Revolution Brokers explains the highest risk facto..
Investing in a rental property can be an excellent way to get onto the property ladder and earn an income. However, if you haven't owned a residence before, you might find that a mainstream bank will automatically turn you down for a buy to let mortgage. In today's guide, the Revolution Brokers team explains how you can become a ren..
Buying a home for the first time is a massive step - but the deposit is often a stumbling block for first-time buyers. It can take years to save a sufficient amount or be impossible, so there are several ways to approach the problem and get your foot onto the property ladder. From April 2021, the UK government launched the new mortg..
If you refer a friend for a mortgage or any
type of finance you’ll both receive £25
each when their new application
successfully completes.
We are proud
members of the:
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.
