According to the Council of Mortgage Lenders, there is expected to be around 1.2 million home sales in 2015, which could contribute to £222 billion worth of mortgage lending across all lenders. As a result, some of you will be looking for your dream home and will need a new mortgage deal.
The good news is that we've just introduced a new
The calculator makes it easy for you to work out how much you could borrow, as well as find out how much your monthly repayments might be. Over 1,000 people a day are already benefiting from using the calculator.
How to calculate your mortgage
There are six easy steps in using the calculator:
- Go to http://www.tsb.co.uk/mortgages/calculator.
- Select what type of mortgage you need. Are you a first time buyer, moving house, buying a second home or remortgaging?
- Tell us how many individuals are applying for the mortgage, and whether they have any dependents. (Are you borrowing on your own or with someone else? Do you have any children?)
- Tell us about your incomings and outgoings.
- Tell us how much deposit you have and how much the property is worth.
- Finally, tell us
how long you would like to borrow for?
Once you've entered your information and clicked on "calculate", you will see the results on the right hand side. You will see how much we could lend, and an estimate of your monthly repayments.
The results of the mortgage calculator are indicative, but it certainly helps make the mortgage process simpler by letting you know more about your budget, and which mortgages you may be eligible for.
To apply for the mortgage, all is left to do is:
If you've used the calculator already, please give us your feedback about your experience.
Comment on our
Your home may be repossessed if you do not keep up repayments on your mortgage.
'Ian Ramsden, Mortgage Director'