How to use a mortgage calculator

This depends on the type of mortgage calculator. We will first look at how much you can borrow.

For a simple mortgage calculator you need to enter in your income. This should be your total yearly income. If you are buying with a partner, enter the highest income first, then your partner's income. Most calculators will give you a range of borrowing limits which will be from around 3.5 times your salary up to around five times your salary. This will vary depending on the lenders you use.

The second type of mortgage calculator will show you how much a mortgage will cost. To use this type you should first enter the amount you wish to borrow.

I.e. Mortgage required, you will then need to enter the interest rate, as a percentage (5.6)% for example.

You should then enter the time period you whish to pay the mortgage back over. The longer time period the lower your monthly payments will be, but the longer you pay it over the more interest you will pay.

An online mortgage calculator should only be used as a guide and you should consult your mortgage broker for full details.

How much can I borrow?

Each lender calculates how much you can borrow on a different basis. The information below once calculated will give you an indication of your borrowing potential.

Calculate Maximum Available Borrowing

Enter the following information to calculate the maximum amount you can borrow.

First Income	£
Second Income	£

This is for illustration purposes only. For a detailed quotation and independent advice and recommendation from our advice partners, please click below.

How much will my mortage cost?

The exact cost of your mortgage will depend on a number of factors. The payment calculator below provides an approximate indication of monthly payments. Different lenders will calculate repayments in different ways, using either daily, monthly or yearly interest calculations. For a true cost of lending, please always refer to the APR figure.

Monthly Payment Calculator

Enter the following information to calculate the cost of your mortgage.

Loan Amount	£
Interest Rate	%
Loan Period	years

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Internet Marketing & Management Services Ltd is and appointed representative of Hello Finance who is authorised and regulated by the Financial Services Authority. Please note that not all mortgage introductions fall under the Financial Services Authority and some still fall under the Consumer Credit Act.

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