How much can I borrow with a Home Movers Mortgage?
What do lenders consider as income?
How much will a Moving House Mortgage cost?
Speak to your broker today to find out how much you can borrow and how much it will cost with for a moving house mortgage.
Home Movers Mortgage simple illustrations
Here are some simple examples of how a lender could assess your income.
|Multiplier||£100,000 x 4.5|
|Basic salary Bonus||£50,000
|Multiplier: salary||£50,000 x 4.5|
|Bonus as assessed by lender||£25,000|
|Multiplier: bonus||£25,000 x 4.5|
It is important to note that this is a ‘standard’ starting point. Some lenders will offer a lot more, some less, but this gives you a good yardstick to measure yourself by.
One of the first things to consider is your repayment vehicle.
Do you want to opt for
You make monthly payments and at the end of the term the loan is repaid.
With a repayment mortgage the monthly payments are higher but with less risk.
You simply pay the interest on the mortgage loan and look to pay off the loan later with say, the sale of property, investments or bonuses.
With an interest-only mortgage the monthly repayments are lower but is assessed as higher risk.
Your mortgage product
You will also need to consider which type of mortgage product is best for you as this determines your monthly payments.
Rather than asking how much it will cost, consider how much can you afford.
Your mortgage broker will then structure your mortgage appropriately, based on your risk profile.
What Home Movers Mortgage rates can I get?
How has the moving house mortgage process changed since 2008?
There are certain aspects to be aware of if you are considering transferring the mortgage to another house.
For moving home mortgage advice
A quick and easy way to calculate your monthly mortgage payments. Simply enter the amount you wish to borrow, the term over which you intend to pay it off and the interest rate. Then hit the ‘Calculate’ button.
The first figure gives the total monthly payment for a straight repayment mortgage, including both interest and payment towards the capital loan amount. This reduces the amount owed on the capital, month by month. The second figure shows the amount of interest payment only.
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of lenders. Make an appointment to receive mortgage advice suitable for your needs and circumstances.
A fee of up to 1% of the mortgage amount may be charged depending on your circumstances (ie. £1000 on a £100,000 mortgage). A typical fee is £495 plus we will receive commission from the lender.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Rose Capital Partners Ltd is an appointed representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy-to-Let. The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. Rose Capital Partners Ltd. Registration No. 08843654 registered in England and Wales. Registered Address, Leigh Saxton Green, Clearwater House, 4-7 Manchester Street, London W1U 3AE.