Mortgage Affordability Calculator

 

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    Tips on using our affordability calculator

      Fill in applicant's name

     

    It may seem like an obvious step but it is very important. This calculator will need to be printed or saved as a PDF and sent to us as part of the application form so it’s important that the applicant’s name is included. 

     

     

      Mortgage and affordability details

     

    Fill out all of the mortgage details (Loan amount, term, etc.) and the affordability details (Dependants, remuneration, other essentials outgoings, etc.)

    Keep the following in mind when completing the calculator to ensure that all the details are captured correctly:

     

    i.

    General Home Insurance Premiums - Other Properties:

    This refers to those with multiple properties and not for the applicant’s new home. If you have additional properties please input the total insurance payment for your additional properties here.

    ii. Credit card:
    • If balance paid in full each month then zero to be entered
    • If balance not cleared then minimum 5% of outstanding balance to be entered
    iii. Other mortgages:
    • This refers to other mortgages (Consumer buy to let, holiday home or investment property loans) that will continue following the drawdown of the new mortgage
    • We require this repayment to be stress tested as follows:
        Product Stress Rate +  
        Capital & Interest contracts 3% above current rate  
        Interest Only (I/O contract is for duration of Proposed Mortgage) 3% above current rate on Interest only basis   
        Interest Only (I/O matures pre-expiry date of this Proposed Mortgage) 3% above current rate and on a Capital & Interest basis  
             
      Example
    • The current repayment is worked out as follows:
      £100,000 over 20 years at a rate of 3% = £560.14
    • The stressed repayment is worked out as follows (using the same example):
      £100,000 over 20 years at a stressed rate of 6% (i.e. 3% + 3%) = £726.54
     
    iv. Co-ownership Housing rental repayment: Please add the Co-Ownership Housing monthly rental repayment in the relevant section under ‘Credit Commitments’.

     

     

      Press 'Calculate'

     

    This will calculate affordability based on your inputs and will let you know whether your applicant(s) has met our minimum criteria. The results will be either:

     

    • Criteria met – based on your inputs our affordability criteria has been met. You should proceed to completing the application form
    • Criteria not met – unfortunately, based on your inputs our affordability criteria has not been met. You should review your inputs to ensure that the information entered is correct. You should not submit the application. Alternatively, please contact our dedicated broker underwriters on 028 9047 9100 should you wish to discuss the case further.

     

     

      Criteria met

     

    If the mortgage has met our affordability criteria you should take the following steps:

     

    • Print or save the affordability calculation
    • Proceed to completing our application form along with your broker/customer declaration form
    • Include the printed affordability calculator pdf when submitting the application form. For more details on how to submit an application form, click here

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Note

  • Please include Child Benefit as “Additional Income” in the remuneration section.
  • Only include a home insurance value for 2nd (or other) properties.
  • The print function for this calculator is not compatible with Internet Explorer browsers (including Edge). As you are required to submit a printed copy of the calculation along with an application, please ensure that you are using this calculator on a browser other than Internet Explorer.

         

First Trust Bank Intermediary Affordability Calculator

Applicants Name(s)*:

Please enter applicants name(s)

About The Property
Mortgage Amount*:

Please enter a Mortgage Amount

Property Value / Purchase Price*:

Please enter a Property Value / Purchase Price

Mortgage Term*:

Please enter a mortgage term

Product Type*:
  • Please Select
  • SVR
  • DSVR 2 Year
  • DSVR 3 Year
  • 2 Year Fixed
  • 3 Year Fixed
  • 5 Year Fixed
Please Select
Please Select

Please select a product type

Number of Applicants*:
  • Please Select
  • 1
  • 2
Please Select
Please Select

Please select number of applicants

Financial Dependants
Applicant 1 Applicant 2
Number of Dependants*:

Applicant 1

  • Please Select
  • 0
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10+
Please Select
Please Select

Please select number of Dependants

Applicant 2

  • Please Select
  • 0
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10+
Please Select
Please Select

Please select number of dependants

Remuneration
Net Monthly Income (after all deductions)*:

Applicant 1

Value must be greater than zero

Applicant 2

Value must be greater than zero

Guaranteed Additional Net Monthly Income:

Applicant 1

Applicant 2

Rental Income (70% of value recorded is included in our calculation):

Applicant 1

Applicant 2

Total
Other Essential Outgoings
Childcare Costs / School Fees:
General Home Insurance Premiums - Other Properties:
Rates:
Maintenance:
Other:
Total
Credit Commitments
Credit Card:
Loans:
HP Payments:
Other Mortgages:
Co-Ownership Rental Repayment:
Total
Essential Spend 0.00
Discretionary Spend 0.00
Co-Ownership Rental Inflation 0.00
LTV 0.00
Surplus Amount 0.00
Stress Repayment Amount 0.00
Net Disposable Income 0.00
Required Surplus 0.00
Affordability Result

Important information

This calculation is for illustrative purposes only and is subject to a full credit assessment. It should not be considered as a mortgage offer and is valid at time of calculation only. Please submit the printed calculation with your application form.