HTB mortgage calculator

Cupcake85

I have found an online calculator for a normal mortgage but if I'm right in thinking companies will lend you LESS when doing help to buy

The calculator said we could borrow up to 187k would it be a lot less with htb?

kingstreet

Why don't you complete the HTB Affordability Calculator and establish both?

You also need to ensure where needed you factor in the future cost of the equity loan. Most lenders ask for 3% of the loan to be input.

Cupcake85

Where can I find one of those please? The equity loan is 68,000 and 3% is 2040, so would I do a normal calculator and add that into loans?

kingstreet

You need to know how your selected lender's calculator works.

If it has to be entered manually, you would enter one twelfth of the 3%.

The HTB calculator is an Excel file and it can be downloaded here;-

https://www.gov.uk/government/collections/help-to-buy-equity-loan-guidance-and-application-forms

towards the bottom of the page.

Cupcake85

Many thanks

Alphabet89

If self employed would this make a difference?

Would be a negligible difference in terms of post tax income (difference in NI rate) but i'd assume just putting net profit in the gross employment income box would do the same job?

Thanks

luis1988

We've just been accepted for a Santander mortgage that has a multiple of 4.5% our combined salaries. When I was doing the affordability, often banks are willing to lend up to 5x combined salaries, but HTB will only allow up to 4.5% your combined salaries, so that's where the confusion may come from..

Rebecca01

Sorry to hijack your thread but did you get the spread sheet to work?

Mine did not show the 5 percent deposit.

It also showed it allowing maintenance as income bit not child benefit ( which has been around since 1977) and not tac credits which cuts were ruled lut by lords. So you think this would be a betterbet than manintenane. Weird. Oh well.