Help to buy affordability calculator

Blenk2

Hello, me and my partner have recently put in an application for the help to buy and like everyone else, are anxious about the results.. we’ve checked a few threads on here from other people and found the HTB affordability calculator, the one where you download from GOV website, fill the grey boxes and it gives you a result at the bottom.
All our bottom came back grey, nothing came back in red. Is this the same type of algorithm the HTB agent actually uses? 

We filled it out 100% truthful and correct, we have a loan which we entered and thought could impact it, but still no red. 

Thanks

dimbo61

Bit confused as never used the gov website.
When I typed in " help to buy affordability calculator " 
It comes up with a few sponsored sites from mortgage lenders and the one I would use from "Which " 
Should give you an idea.
Help to buy is upto 40% in London and only 20% in the rest of the country.

[Deleted User]

I wouldnt say its an algorithm as such as its more a straightforward excel calculator. Just makes it easy filling in the form, because whilst your mortgage company may take into account some forms of income to calculate how much you can borrow ( so offer you more ), HTB only take into account certain %’s of overtime, benefits etc - so their result may be less generous. 

You need to meet the HTB required % of loans/mortgage to income ( that HTB take into account )  

Its under 45% 
Change some of the figures and watch it turn red -its amazing how little tweaks here or there can alter results- so if you’ve completed it properly including service charges etc ( if applicable) and existing debt - you should be fine ! 

Blenk2

dimbo61 said:

Bit confused as never used the gov website.
When I typed in " help to buy affordability calculator " 
It comes up with a few sponsored sites from mortgage lenders and the one I would use from "Which " 
Should give you an idea.
Help to buy is upto 40% in London and only 20% in the rest of the country.

Thanks for the reply, yea there’s one on the gov website, you download an excel doc that you then fill in with all details, and it comes up on bottom in red if there’s an issue.

Densol said:

I wouldnt say its an algorithm as such as its more a straightforward excel calculator. Just makes it easy filling in the form, because whilst your mortgage company may take into account some forms of income to calculate how much you can borrow ( so offer you more ), HTB only take into account certain %’s of overtime, benefits etc - so their result may be less generous. 

You need to meet the HTB required % of loans/mortgage to income ( that HTB take into account )  

Its under 45% 
Change some of the figures and watch it turn red -its amazing how little tweaks here or there can alter results- so if you’ve completed it properly including service charges etc ( if applicable) and existing debt - you should be fine ! 

Thanks for the reply, Yea we had a little play and increased/decreased things and saw the red pop up, quite interesting how the Small tweaks do change it.. 9 working days of waiting starting tomorrow 🤣