Mortgage lenders assess how much you can borrow.
All mortgage lenders assess how much they can lend us as an individual, a joint couple or a family unit in very many different ways, using their own affordability calculators. On top of this they use a sets of criteria which defines who they have ability to lend it too, and that is why there are many different lenders to suit your personal needs.
Mortgage advice is exactly the best thing to help you understand what is possible, we assess and relay it back to you.
Term of the mortgage
Mortgage lenders agree to lend money over a suitable amount of many years called a term, based on a reasonable retirement age. This is set to your estimated retirement age which is typically 68, but in the UK it varies dependent the industry you work for. Someone working in the army will not always be in that same role, for example. Mortgage lenders will typically lend a mortgage today until age 70 - but they sometimes can stretch this beyond this age to 75 or beyond.
You then want to know what is will cost you
You want to know how much the mortgage will cost you, to ensure that you get the very cheapest cost over the period you pay your mortgage payments. This is crucial in the planning to your purchase or remortgage property finance. It may be that you can achieve the lowest interest rate* on the market, but then real life circumstances mean that you cannot.
Full costs are dependent on what fixed or tracker rate you take. I.e. a fixed 2, 3, 5 or 10 year mortgage interest rate is secure and won't change throughout the fixed period, whereas a tracker rate can increase or decrease during its 2, 3 or 5 year period.
Exclusions do apply to this calculator, and you need to speak with us to be presented with a full - ESIS illustration showing total breakdown of your individual example. The total cost of the debt over the entire term of the mortgage or the term APRC is arguably present on these, but you would likely change the interest rate each time to achieve the lowest possible deal.