Best flexbile contractor mortgages

[Power Mortgages Ltd]

Thanks Mark. I must be misunderstanding that page - probably the bottom section which seems to ask for information already entered about mortgage payments, and asks for the loan amount when the point is to TELL me the loan I can have - as it suggests a recommended loan of £12k for someone on a salary of £31k with no credit card debts. 0.5 isn't a great multiplier

Assuming no children, one person on the mortgage, no other commitments and a term of 25 years then the figure you should have got is £155,000.

Enter the income of £31,000 in the top left box (basic annual income before tax), the expenditure section is the next section to look at:

monthly credit commitments is where you should enter details (monthly payment) of any loans, hire purchase agreements, lease agreements or child care costs which will remain after completion of the mortgage monthly mortgage commitments is where you would enter the monthly payment of any mortgages which will remain in place (buy to lets in the background or second home mortgages for example), do not enter what your current mortgage payments are here (if you are redeeming that mortgage to replace it with this new one) as the system will double count them. Total credit cards is self explanatory but you mentioned there are none of them so leave those blank, amount to be consolidated leave blank as that relates to the credit card balances which you don't have.

In the section below, I always default to 'C' under anticipated credit score to give you a worst case scenario but often there isn't any difference between a C score and an A score.

Number of adults party to the mortgage is how many people will be named on the mortgage and then enter the number of dependent children below. Change the loan term accordingly depending upon the number of years you wish to take the mortgage over and put any random figure in the loan amount screen. This figure doesn't really matter as when you click update result it will display how much you can borrow as a maximum regardless of what figure you enter there. Don't worry about property type, interest only amount or monthly premium paid as that relates to interest only.

Hope that helps?

[d000hg]

monthly mortgage commitments is where you would enter the monthly payment of any mortgages which will remain in place (buy to lets in the background or second home mortgages for example), do not enter what your current mortgage payments are here

Oops

Thanks again.