Nice mortgage calculator

Graham_Devon

Theres a nice, easy, visuual mortgage calculator on the Barclays website.

It asks to put your income in, select if your buying with someone else, and all the other sliders move as you change your income, or any other part, so if you want to borrow more than they would give, your deposit slider goes up.

Gives a good indication of stuff.

I used a wage of 30k, on my own, which told me I could have a mortgage for 90k. I wanted to borrow £130k though (based this on a STARTER home, not the average home).

The calculator told me I would need a deposit of £33,000, (on a starter home) and my repayment would be £788 - 813 per month on repayment over 25 years.

Or, one THIRD of my wages, before tax.

Good for a play. Could you afford the average home in your area? Can the average wage in your area support the average, or even a starter home?

http://www.barclays.co.uk/mortgages/

These are based on 80% LTV mortgages, which I think is the highest barclays will currently lend.

BenL

£26k salary will get me £78K, but I will need £20K depost as a minimum to be allowed £78K.

£98K to find a property in the town where I work.

Jump the BBC website

Harrogate

• Average Cost: £242,192
• Detached: £364,538
• Semi-detached: £190,908
• Terraced: £204,161
• Flat: £148,334

For the city where I rent at the moment.

Leeds

• Average Cost: £148,732
• Detached: £270,473
• Semi-detached: £147,468
• Terraced: £106,698
• Flat: £127,986

For the g/f town, 100 mile round trip from the office. Her Goole postcode comes up Easst Riding for but i'd say these were over the mark from rightmoves i have seen.

East Riding Of Yorkshire

• Average Cost: £148,923
• Detached: £219,927
• Semi-detached: £129,264
• Terraced: £107,880
• Flat: £96,975

As a side note, the max is £130K and I would need £33K deposit. Repayment £650 - £860 a month on the max.

Graham_Devon

On behalf of Chucky.

Average House Price vs Average Wage (mean, to be nice to bulls).

36k Wage. £158k Average price.

I would need a deposit of £40,000.

So not exactly level there as Barclays would lend me £118k.

Again, with the most unrealistic average wages.....36 for the bloke, 16k part time for the female. I would still need a deposit of 40k.

Hmmm. So, how, chucky, are average houses affordable by average wages?

ad9898_3

This has to be good news from Barclays, I tried a similar figure in A&L, and it came up with a similar lending figure/deposit. Responsible lending will force down the price of homes over all, as long as they stick to it that is.

geoffky

How are first time buyers going to get 20 to 30k deposit? this is good news and barclys should be commended for sensible lending..

Graham_Devon

Chucky not playing

chucky

Graham_Devon wrote: »

On behalf of Chucky.

Average House Price vs Average Wage (mean, to be nice to bulls).

36k Wage. £158k Average price.

I would need a deposit of £40,000.

So not exactly level there as Barclays would lend me £118k.

Again, with the most unrealistic average wages.....36 for the bloke, 16k part time for the female. I would still need a deposit of 40k.

Hmmm. So, how, chucky, are average houses affordable by average wages?

lol - and when i did say that you fool. :rotfl:

am i now the board economics advisor.
get a grip of yourself Graham.

you're quoting across threads now this is exactly what i said

chucky wrote: »

houses are affordable on an affordable wage for an average home buyer.
if you can't afford to buy in the area that you like i guess there is no choice but to find somewhere that is affordable.

and here

chucky wrote: »

yes you right houses are on an affordable wage for an average home buyer

it's pretty simple -the key words were average home buyer
unfortunaly not everyone earns enought to buy a house.

if you don't like it - get over it

Graham_Devon

Oh right, the "average home buyer".

What's one of them?

I thought the average home buyer was the average person on the average wage?!

What are you classing then, as "average" as you could be classing anything as average here.

Can the average person on an average wage afford the average home? Or even just the starter home?

Sounds like your classing the "average home buyer" as "the person who can afford a home"? So scientific stuff?

chucky

Graham_Devon wrote: »

Oh right, the "average home buyer".

What's one of them?

I thought the average home buyer was the average person on the average wage?!

What are you classing then, as "average" as you could be classing anything as average here.

Can the average person on an average wage afford the average home? Or even just the starter home?

average home buyer is the average of people that can buy a property - i'm pretty sure you knew that.

by default you're saying that a single person on minimum wage should be able to afford to buy a home. quality logic.

Pobby

Once again Clear proof that hpi was sheer craziness.Very good op Graham.

ruggedtoast

Graham_Devon wrote: »

On behalf of Chucky.

Average House Price vs Average Wage (mean, to be nice to bulls).

36k Wage. £158k Average price.

I would need a deposit of £40,000.

So not exactly level there as Barclays would lend me £118k.

Again, with the most unrealistic average wages.....36 for the bloke, 16k part time for the female. I would still need a deposit of 40k.

Hmmm. So, how, chucky, are average houses affordable by average wages?

I dont imagine he cares much about average people as long as he gets to offload his portfolio at a nice profit for himself.