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Mortgage Calculators: Will they give me an accurate loan amount?

Woman using a calculator on a brown wooden desk

Mortgage calculators:  Will they give me an accurate loan amount?

Mortgage lenders such as NatWest, Nationwide & Halifax (to name a few), have useful mortgage calculators on their websites which are free for you to use.

As an example, NatWest have a simple 8 step e-form which you can fill out to get an estimated mortgage loan amount.  The first 3 steps are to check your eligibility before moving on to your personal details, such as income and outgoings.

Once you have completed all eight steps, they will return to you with a rough estimate on how much they could be happy to lend you.

Don’t go making any offers just yet though! The figures you have received will always be subject to credit references and an underwriter’s final decision.

How do I get a more accurate figure?

It’s important to remember that when using one specific lenders calculator, you will be assessed against their specific criteria. Because of this. experienced mortgage brokers will tell you that the same data can be input to several lenders calculators and yield completely different results.

This is often due to lenders taking different views on your income and personal situation. Some lenders will look more favourably on irregular commission payments than others being just one example.

The power of expert advice

A huge part of any mortgage brokers job is researching lender criteria and discussing cases with the lenders directly. This puts them in the best possible position to give advice to a wide range of clients with a wide range of needs.

Once you have had an initial conversation with one of Prospect Tree Mortgages experts, they will launch into ‘search mode’ and come back to you with the best mortgage loans available for you and your specific situation.

If you want some extra assurance, they will offer to produce an Agreement in Principle (AIP) with your chosen lender. This gives you some extra credibility when approaching estate agents and homeowners.

Get in touch with an expert today and begin your journey.

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