Mortgage Calculator

If you have been turned down due to bad credit in the past by another lender, then you really shouldn’t let this put you off. We offer a fully FCA-authorised and regulated lending service that is aimed at helping all current and prospective homeowners and mortgage holders gain access to the funds they require, often through the use of our subprime mortgages. As the loan is secured, you can apply to borrow a significantly higher-value loan amount ranging from £20,000 to £200,000 and above.

You can also choose your own repayment terms, from 3 to 30 years, and if you only need to borrow over a short-term period, then you will be delighted to know that we also offer intelligent bridging finance options that are available up to 12 months, with just one fully-inclusive repayment required at the end of the term and low rates starting at just 4% per month.

*All rates quoted are subject to individual circumstances

As long as you are 18 years of age or older, able to provide the required deposit or own a property with sufficient equity as collateral, and can comfortably afford to make the repayments, our dedicated UK mortgage loan experts should have no difficulty whatsoever in providing an affordable borrowing product that will fit your individual borrowing needs and financial circumstances perfectly.

Mortgage rates

Interest applies to any debt, and mortgages are no exception. The mortgage rate is the rate of interest applied to your loan by the lender. All lenders offer different rates.

Interest is essentially the cost of loaning money. The rate of interest determines the size of that cost. The lower the rate, the smaller the cost to you.

Mortgage rates available to the public are based on what the lenders themselves have paid for the funds, and the biggest source of funds is the Bank of England. This is why the rate at which the Bank of England charges is known as the ‘Base Rate’.

The Mortgage Rate will affect how much money you end up paying back in total and will also affect your monthly mortgage repayments

Your rate affects your mortgage as follows;

Capital = The mortgage funds you have borrowed.

Interest = The extra cost added to borrowing capital.

Interest rate = The size of the interest cost.

There are two types of mortgage rates: fixed rates and variable rates.

Fixed rate: You lock in an agreed rate for an agreed term, for example, 1.8% for three years; as a result, your monthly repayments remain the same for this period of time. The benefit of this scenario is that you can budget for your payments. It is also favourable if you think rates are likely to increase.

Variable rate: Your interest rate fluctuates in accordance with the base rate, and therefore so do your repayments. The obvious advantage here is that if the rate falls, then your repayments drop, but conversely, if the rate increases, your repayments increase.

How much mortgage can I get based on my salary?

The amount of mortgage you can secure based on your salary depends on various factors, including your income, existing debts, credit score, and the lender’s criteria. Generally, lenders assess your affordability by considering your income-to-debt ratio and may offer a mortgage that is around 3 to 4.5 times your annual salary. However, this can vary depending on individual circumstances and the lender’s policies.

How much do you need to earn to get a £250,000 mortgage in the UK?

In the UK, to obtain a £250,000 mortgage, your income would ideally meet the lender’s affordability criteria, typically requiring an annual income of around £30,000 to £40,000, depending on your financial circumstances and the lender’s specific requirements. Lenders assess your ability to repay the mortgage based on factors such as your income stability, existing debts, and credit history.

Is 50% of your salary on a mortgage too much?

Whether 50% of your salary allocated towards a mortgage is too much depends on your overall financial situation and lifestyle. While there isn’t a fixed percentage universally deemed acceptable, financial advisors often recommend that housing costs, including mortgage payments, should ideally not exceed 28% to 31% of your gross monthly income. Allocating 50% of your salary to a mortgage may leave you financially stretched, limiting your ability to save, invest, or handle unexpected expenses comfortably.

What salary do I need for a £200,000 mortgage in the UK?

To secure a £200,000 mortgage in the UK, your income should typically range between £24,000 and £32,000 annually, though this can vary based on your individual financial circumstances and the lending criteria of different banks or mortgage providers. Lenders assess your affordability by considering your income, existing financial commitments, credit history, and other factors to ensure that you can comfortably meet your mortgage repayments without excessive strain on your finances.