Three calculators to help you buy a home

One in seven homeowners are planning to move in 2016

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Three calculators to help you buy a home

With new research finding one in seven homeowners are planning to move in 2016, we thought it was time to share some of our handy calculators that will help you work out what you can afford.

Though the study by Clydesdale and Yorkshire Banks focused on existing homeowners, the tools are also of use to first-time buyers.

Mortgage calculator

This calculator acts as a guide to how much you'd pay each month. The exact amount will depend on the type of mortgage and the lender.

You can adjust the size of the deposit, the length of the mortgage term and the rate of interest to see how those variables affect your monthly repayments.

Mortgage affordability calculator

When you apply for a mortgage, the lender will look at your other spending habits to see if they think you can afford to make the monthly repayments. This tool will help you estimate how much you can afford to borrow to buy a home.

We'll work it out by looking at your income and your outgoings. Mortgage lenders will look at these figures very closely to work out how much they'll offer you.

Stamp Duty calculator

You have to pay Stamp Duty (SDLT) if you buy a residential property costing more than £125,000 in England, Wales or Northern Ireland. Use this calculator to work out how much Stamp Duty is payable.


This article is provided by the Money Advice Service.



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