Our mortgage tools and calculator
Working out how much you can afford to pay towards a mortgage should be a priority before beginning your application. Our tools have been designed to help you work out your borrowing situation before getting a mortgage. These can be especially useful if you’re a first time buyer and unsure what house price range you should be looking at. They can also be useful if you’re a home mover or looking to remortgage your current property.
Our mortgage calculator can give you an estimate of how much you can expect to pay based on how much you’re looking to borrow. This helps you to work our if you can comfortably afford these payments or if you need to make any cutbacks or changes to your lifestyle in order to afford your new home.
Based on a property value of £ with a £ mortgage for years
How much can I borrow?
You might have never had a mortgage before, or your financial circumstances might have recently changed. In either case, you might be unsure how much you can borrow for a mortgage. Our tool can help work this out based on your salary, combining your partner’s salary if it’s a joint mortgage.
What is stamp duty?
Stamp duty land tax – known in Scotland as land and buildings transaction tax – is a tax payment you have to pay when you buy a property or plot of land which costs more than a certain amount. The amount of stamp duty you pay depends on the type and price of property. It also varies when you buy a commercial building rather than a residential property.
- No stamp duty tax on the value of the property up to £125,000
- 2% stamp duty on the property value between £125,001 and £245,000
- 5% on the property value above £250,000
Bad credit mortgages
If you have a poor credit history then you might struggle to get approval for a mortgage. As a specialist mortgage lender, we will still consider your mortgage application based on your affordability, regardless of your financial history.
The main difference with a bad credit mortgage is that your interest rate might be higher, so you might want to factor this in when using our tools. To get a better idea of what interest rates you’re eligible for, you can speak to one of our mortgage advisers for help and advice.
Why Clever Mortgages?
At Clever Mortgages we can offer you the support and advice required to ensure you get the right mortgage for your first home. We have a panel of trusted mortgage lenders and will help you choose the right provider for your circumstances. We are also authorised and regulated by the Financial Conduct Authority (FCA) and adhere to the Treating Customers Fairly (TCF) guidelines, so you can be confident that we will treat you with integrity and only offer you products that meet your needs.