Calculator for mortgage amount from monthly repayment?
Discussion
Does anyone know if there's a "reverse" mortgage calculator that will tell you the amount you can borrow based on you inputting the monthly repayment that you want to make? All I can find when I search is the type of calculator that tells you what the monthly repayment will be based on you putting in the loan amount. The OH and I want to know what kind of ball park we're looking at, price wise, for houses. Obviously we can just keep typing different amounts in the loan amount field but I'd have thought in this day and age someone would have come up with what I'm looking for.
OP I'm sure you are already aware of this but you need to use a mortgage affordability calculator to work out roughly what a lender will lend you, rather than what you think you can afford. The 2 might not be the same. Go on the site for one of the big lenders (eg Nationwide) and see what they'd be prepared to lend based on your circumstances.
MitchT said:
Pothole said:
Google is amazing!
Yeah, OK sarcy, I tried Google but obviously clicked the wrong results. 
Thanks - the one called "your total mortgage" is what I was looking for.
As said above, go to Nationwide's site and itll be more accurate as it takes your circumstances into account much better.
wiggy001 said:
OP I'm sure you are already aware of this but you need to use a mortgage affordability calculator to work out roughly what a lender will lend you, rather than what you think you can afford.
Yes, I'm well aware of that. We're currently paying £650/month rent and wondered what loan amount would equate to £650/month mortgage repayments. We did approach a lender a while ago for a full assessment and the amount we were told we could borrow had repayments well in excess of £650/month to repay, so it's not that we wouldn't be allowed it as we already have paperwork saying we will, we just don't want to get mortgaged up to the eyeballs purely because the bank will let us. Hence focusing on a modest monthly outlay and wanting to know what loan amount it would equate to.p1stonhead said:
OP this isnt accurate. Based on what I can afford to pay (i.e instead of putting it in savings) it says I can borrow £950k which is miles above what I actually can.
Ditto my above reply.Another thing to bear in mind is that you can play with the length of term, obviously depending on how long you're comfortable with paying for, but factor in that your incomes will likely increase over time and you'll have more to put in, overpaying to bring down the term etc.
£650pm over 35 years will get you into a bigger house than £650pm over 25 years is what I'm trying to say.
£650pm over 35 years will get you into a bigger house than £650pm over 25 years is what I'm trying to say.
Royce44 said:
Good link and good stuff in answer to the OP, but that MSE webpage isn't quite right. In answer to my hypothetical mortgage enquiry it says that the result depends on your credit score. They really should explain what that means (see below).No lender sees your reference agency 'Credit Score' which is an entity sold to consumers by the Credit industry.
Lenders see your credit file, which for individuals not lenders often comes along with a Credit Score that you would need to divulge to make the score known to a lender. Even this credit file is less comprehensive than the report that credit reference agencies have in the past supplied/sold to consumers. That more detailed report may not be complete either as some lenders and some other info may be absent.
A consumer won't know exactly what a specific lender takes into account, and how (weightings etc), when applying for credit. Adverts for loans sometimes ask 'is your credit score...' with a range of options, and unless you tell them they won't know. Online material says things like 'your credit score is used by lenders to help determine whether or not...' but in reality each lender scores you differently and secretly and this reference to a credit score by MSE above is the lender's score using their own methodology not the agency's score.
All of this is available if you look, and if you speak to somebody higher up the food chain than a call centre usually provides (no disrespect to call centre staff, their permissions are limited). Just sayin'.
ashleyman said:
I was looking at houses last night and it's depressing. I'll probably never own a house unless I move North from London..
Alternatively, buy the smallest house you can in London, scrimp and save all that you can, and then once you've paid if off you can move up north and buy a village. perfect. Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff