New mortgage calculators launched by Rightmortgageadvice.co.uk
We have recently launched the first of several new mortgage calculators, which aim to provide much more sophisticated systems for borrowers to assess their lending ability online.
The most important of these new calculators is the maximum loan calculator, which models some of the more complex systems for affordability lenders are using to assess customers borrowing potential.
Lenders are increasingly stepping away from using pure income multiples, and the large high street banks and building societies now consider many factors: including credit scoring, the number of financial dependents and overall debt-to-income ratio, to decide on an appropriate borrowing figure.
The calculator is (as far as we are aware) the only one currently available which illustrates how different types of lenders’ calculations vary, taking into account dependents, existing credit commitments and credit scoring.
We have several more new tools in development, soon to be added, so keep an eye out for more coming soon.