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Mortgage & Equity Release - Call Us 0117 403 4474

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What is your mortgage for?

 
Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 1.80%
Rate type: 1.80% Discounted Variable (collared at 1.05%) to 31/08/2024 (2.16% disc)
Monthly cost: £1118.30 per month
Max LTV: 90%
Product fee: £999
Overall cost for comparison: 3.7% APRC
Newcastle BS logo 1.80% 1.80% Discounted Variable (collared at 1.05%) to 31/08/2024 (2.16% disc) 3.7% APRC 90% £999 £1118.30 per month get quotes Call us0117 403 4474
Initial rate: 1.96%
Rate type: 1.96% Discounted Variable for 2 years (2.78% disc)
Monthly cost: £1139.16 per month
Max LTV: 90%
Product fee: £999
Overall cost for comparison: 4.4% APRC
Cumberland BS logo 1.96% 1.96% Discounted Variable for 2 years (2.78% disc) 4.4% APRC 90% £999 £1139.16 per month get quotes Call us0117 403 4474
Initial rate: 1.96%
Rate type: 1.96% Discounted Variable for 2 years (2.78% disc)
Monthly cost: £1139.16 per month
Max LTV: 90%
Product fee: £999
Overall cost for comparison: 4.4% APRC
Cumberland BS logo 1.96% 1.96% Discounted Variable for 2 years (2.78% disc) 4.4% APRC 90% £999 £1139.16 per month get quotes Call us0117 403 4474
Initial rate: 1.99%
Rate type: 1.99% Discounted Variable (collared at 1.99%) for 2 years (3.65% disc)
Monthly cost: £1143.09 per month
Max LTV: 90%
Product fee: £0
Overall cost for comparison: 5.1% APRC
Furness BS logo 1.99% 1.99% Discounted Variable (collared at 1.99%) for 2 years (3.65% disc) 5.1% APRC 90% £0 £250 cashback £1143.09 per month get quotes Call us0117 403 4474 More details Broker Only Deal
Initial rate: 1.99%
Rate type: 1.99% Discounted Variable for 2 years (3.20% disc)
Monthly cost: £1143.09 per month
Max LTV: 95%
Product fee: £995
Overall cost for comparison: 4.8% APRC
Scottish BS logo 1.99% 1.99% Discounted Variable for 2 years (3.20% disc) 4.8% APRC 95% £995 £1143.09 per month get quotes Call us0117 313 7780 More details Broker Only Deal
Initial rate: 1.99%
Rate type: 1.99% Discounted Variable for 2 years (3.20% disc)
Monthly cost: £1143.09 per month
Max LTV: 90%
Product fee: £995
Overall cost for comparison: 4.8% APRC
Scottish BS logo 1.99% 1.99% Discounted Variable for 2 years (3.20% disc) 4.8% APRC 90% £995 £1143.09 per month get quotes Call us0117 313 7780 More details Broker Only Deal
Initial rate: 2.19%
Rate type: 2.19% Discounted Variable for 2 years (3.00% disc)
Monthly cost: £1169.55 per month
Max LTV: 95%
Product fee: £0
Overall cost for comparison: 4.8% APRC
Scottish BS logo 2.19% 2.19% Discounted Variable for 2 years (3.00% disc) 4.8% APRC 95% £0 £1169.55 per month get quotes Call us0117 313 7780 More details Broker Only Deal
Initial rate: 2.19%
Rate type: 2.19% Discounted Variable for 2 years (3.00% disc)
Monthly cost: £1169.55 per month
Max LTV: 90%
Product fee: £0
Overall cost for comparison: 4.8% APRC
Scottish BS logo 2.19% 2.19% Discounted Variable for 2 years (3.00% disc) 4.8% APRC 90% £0 £1169.55 per month get quotes Call us0117 313 7780 More details Broker Only Deal
Initial rate: 2.24%
Rate type: 2.24% Variable (collared at 2.24%) to 31/07/2024
Monthly cost: £1176.22 per month
Max LTV: 90%
Product fee: £995
Overall cost for comparison: 4.2% APRC
Yorkshire Building Society logo 2.24% 2.24% Variable (collared at 2.24%) to 31/07/2024 4.2% APRC 90% £995 £1176.22 per month get quotes Call us0117 403 4474 More details
Initial rate: 2.25%
Rate type: 2.25% Discounted Variable to 31/08/2024 (2.49% disc)
Monthly cost: £1177.55 per month
Max LTV: 90%
Product fee: £0
Overall cost for comparison: 4.1% APRC
Accord Mortgages logo 2.25% 2.25% Discounted Variable to 31/08/2024 (2.49% disc) 4.1% APRC 90% £0 £1177.55 per month get quotes Call us0117 403 4474 More details
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

What Income Do I Need For A 400k Mortgage

How much of a salary do I need to get a £400K mortgage?

This will depend, as different lenders have different criteria for determining how much they will lend. If you earn bonuses or commission then some lenders may be happy to take this into account as well as your basic income when calculating how much you can borrow.

UK's Financial Conduct Authority (FCA) imposes an absolute limit on the number of mortgage loans lenders can issue at a rate greater than 4.5 times an individual's income. (Or 4.5 times a couple's income in a joint application.)

Each quarter, the number of homeowner mortgages they can offer with a higher LTI is capped at 15%.

Some lenders have been using this loophole recently to lend up to 6 times salary to some specific types of mortgage borrowers - including first-time buyers.

Based on a 4.5 times multiple of income you would need an income of £88,888 to get a £400,000 mortgage. However a lender operating to a 5 times income multiple the income you would need would be £80,000.

To find out whether your incoem situation would be enough to get the mortgage you need contact our mortgage team.

 

How much income do i need to get a 400k mortgage

How much of a deposit do I need to get a £400k mortgage?

The Loan to Value (LTV) of a mortgage is the amount borrowed compared to the size of the deposit put down.

This means that a mortgage with a 10% deposit will have a LTV of 90%, It is important to note that having a larger deposit will increase the amount of products available to you, and decrease the rate of interest you pay on the loan.

If you are buying a house with a 10% deposit and the house price was £444,444 then the mortgage required would be £400k.

Can you get a £400k mortgage with credit issues?

This will depend on what the credit issues were.

As well as your income and the deposit you have a lender will also take into account any current or previous credit issues you may have or had in determining whether to borrow to you.

 If you are unsure then it is a good idea to get a credit report. See here for more information on your credit score and how it could impact your mortgage application.

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