Ever sat there and wondered how much you can borrow for your mortgage and why different lenders seem to give you different figures?
Then you will be pleased to know you’re not alone. The number of mortage calculators that are available to people looking to move is vast, and with an ever-increasing number of people looking to move or change their current mortgage in the Portsmouth, Fareham and surrounding areas it is important you use the correct morgage calculator first time round to get the right result for you.
Why can’t I find your calculator?
Because no one person’s circumstances are the same, we decided to take the step to remove our mortgage calculator for a number of reasons. At Meridian, we prefer to have a proper chat with you and get to know a bit about you and your circumstances, before we work out what you can borrow. This is because there are areas that can affect what you can borrow, that a generic calculator can’t work out or take into consideration. Things like your credit history, your available deposit/equity in the current home and how your income is worked out, can all impact the mortgage interest rate and this has a knock on to what you can borrow. So whether you’re looking to remortgage your home in Havant, or buy yourself a place by the sea in Southsea or Hayling Island then let us help you work out what you can borrow, with the best interest rate and best lender for you.
What about Buy to Let’s? How much can I borrow for a Buy to Let?
Buy to Let mortage calculators are treated slightly differently to a mortgage calculator if you are applying for a Residential mortgage. Most Buy to Let lenders will look to use the proposed rental income the property would generate when it comes to working out how much you can borrow on your buy to let morgage. There are some exceptions to the rule though; some lenders need you to earn a certain amount of employed or self-employed income to qualify whereas some will allow a combination of rental income and earned income. Portsmouth, and to a more accurate location Southsea is a heavily populated student city, and we get regular enquiries for HMO (House of Multiple Occupancy) Mortgages, with people looking to invest in property with the intention of letting these out to students in and around the greater Portsmouth area. Because of how popular this type of property is, especially in Southsea, we are starting to see more enquiries for properties off the island and in the areas around North End and Cosham areas. What you can borrow for an HMO Mortgage is calculated differently to a normal Buy to Let, so we will help you calculate what can be borrowed and the interest rate that would be applicable before you start your search.
Is there anything else I need to know?
Yes! You are not alone if you feel like you don’t know what option is best. There are genuinely so many options out there it can feel daunting. Don’t let it put you off moving or changing your mortgage, talk to us at your local broker, with local knowledge of the area to help find what is best for you.