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Mortgage calculators

When using online mortgage affordability calcs, and it asks for gross income, does anyone know whether you go off your gross pay less salary sacrifice or do you just give your basic gross income?

I will be using a mortgage broker but just looking at a few scenarios so my thinking is a bit clearer when we do go to one.

Comments

  • ACG
    ACG Posts: 24,711 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Before deductions usually.
    So it will be your actual gross annual income.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 39,335 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    When using online mortgage affordability calcs, and it asks for gross income, does anyone know whether you go off your gross pay less salary sacrifice or do you just give your basic gross income?

    I will be using a mortgage broker but just looking at a few scenarios so my thinking is a bit clearer when we do go to one.
    It depends on what the salary sacrifice is for.

    Pension conts - most lenders will ignore and take gross.

    Childcare vouchers - most lenders will take entire childcare cost into account inc voucher cost.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Hi

    Thanks, - pension and bought extra holiday...I do get vouchers but its only a small amount. Will work on net of holiday and childcare vouchers

    Thanks
  • One final question, if we were to consider using the help to buy scheme, are these mortgages 'specific' deals by lenders or are they their 75% mortgage range.

    Again, I will be using a broker but just trying to get an idea now of monthly costs of what we want to borrow etc.
  • amnblog
    amnblog Posts: 12,769 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Specific deals for lenders in this market.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thanks amnblog.

    Would 2.5% seem a sensible rate to work on for a 5 year fixed rate for example?
  • datlex
    datlex Posts: 2,252 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Try 3.5% for 5 year fixed to be on safe side.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
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