Our Calculator tool gives you an estimate of the monthly repayments you are likely to have on your bad credit mortgage. For a more accurate estimate based on your personal circumstances use our enquiry form or call us on 0800 368 8879 to speak to a specialist mortgage broker.
Bad Credit Mortgage Calculator
Before speaking with an advisor or applying direct to a lender we advise that you take a look at what your monthly repayments may look like with the mortgage amount that you need. When using the calculator you can see the maximum you may be able to borrow based on your income and also what the monthly repayments would be.
Remember that the actual amount you can borrow will be based on what the lender will offer you. If you have bad credit the amount may be lower than the standard amount lenders are willing to lend. The monthly repayments may also be higher so be sure to use the calculator to check different interest rates and see if the monthly repayments will still be manageable for you.
How much can I borrow with bad credit?
The amount will vary, the calculator is set at 4.4X income which is the industry standard. Some lenders will only borrow 4X income and sometimes only 3X depending on circumstances. There are lenders that will go up to 5 or 6X income but there is strict criteria that must be met. To get a more certain picture of what you may be able to lend give us a call and speak with one of our experienced bad credit advisors.
The larger the deposit you have the more willing lenders are to offer higher multiples, if you have a good sized deposit you may be able to borrow more than the standard 4.4X multiple the calculator is set at.
What is the interest?
The interest on the calculator is variable this allows you to try different percentages so you can see the different amounts the monthly payments on your mortgage may be depending on the rate you are offered by your lender. For bad credit mortgages the interest rates tend to be higher than the average. This is due to the higher perceived risk the lender will have lending to someone with bad credit. In general the specialist lenders who are more willing to lend to people with bad credit have a higher interest rate. To get a more accurate measurement of the interest rate based on your circumstances speak with one of our specialist advisors who will carry out a fact find and get you actual quotes from lenders.
What kind of mortgages are there?
If you have bad credit there are still plenty of options for you to choose from. Depending on the level of bad credit events and how long ago they were will heavily impact your ability to get a mortgage and also the options that are available to you. Options such as 95% mortgages may not be available due to the level of risk already associated with low deposit mortgages.
The different types are still available and offered to people with bad credit
- Fixed Rate
- Variable Rate
- Life Time Tracker
Expert Mortgage Advice
At Get Me My Mortgage we specialise in helping our visitors get the right financial advice from industry specialists. Fill in an enquiry form or call us today on 0800 368 8879. Our expert brokers will carry out a thorough fact find to give you the best chance of getting your mortgage approved at the best rate possible.
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