Have you ever asked yourself the question "Can I afford to buy a house"?
The purpose of this mortgage affordability calculator is to help people reason about their ability to afford a mortgage.
It serves to complement the website that offers similar functionality, available at http://caniaffordtobuy.co.uk
While its primary aim is to help first time buyers calculate whether they can afford to buy based on their income, it may also help those who: -
• Are thinking about buying a home but are unsure of what a mortgage might cost and whether it is affordable.
• Are considering the government led Help to Buy mortgage guarantee scheme and wondering whether you can afford a Help to Buy mortgage (especially for those with a 5% deposit)
• Are already on the housing ladder and want to move to a new property.
Once you have inputted your information into the calculator, it will generate: -
• A useful report that includes mortgage repayment details, percentage of income reserved for servicing debts and other - costs you may need to consider
• A set of graphs that provide an overview of the mortgage in a more visual manner
• A handy guide on what might happen if interest rates rise on your mortgage
This calculator makes a number of assumptions and results should only be used as a guide.
Affordability ratings should only be considered as an indicator of affordability and should not be considered as financial advice.
Please speak to your lender or independent financial advisor for more substantial mortgage advice and eligibility
Added some text about new mortgage lending rules