What does a bad credit calculator do?

Whilst knowing how much your mortgage payment is going to be and that it is within your budget now and for the future, the first step of your journey is to establish if you are able to obtain a mortgage. This latter point is perhaps more especially the case if you have a bad credit history. A bad credit mortgages calculator can be used to give you an indication of your chances of success. By answering a few simple questions about yourself and your credit history the mortgage calculator for bad credit will give you a response as to what your prospects are. There are no guarantees and ultimately you will still be best placed to seek advice however, a calculator is a very good place to start.

Can I know how much I can borrow with bad credit?

Many mortgage calculators for bad credit are not designed to give you an indication of how much you can borrow but more as an indication of your ability to obtain a mortgage. However some, such as the one on our site, will combine both aspects under one roof. Do note however that these results are to be used as a very good guide and we still highly recommend that you speak to a bad credit mortgage adviser who can use their knowledge and the tools at their disposal to obtain an accurate assessment for you.

More about Bad Credit

Information required for a mortgage calculator for bad credit

If you’re interested in using a bad credit mortgage calculator in the uk, then to obtain the most accurate result you will need to input the correct information. The typical information you will need to know or have an idea about is:

The valuation or purchase price of the property
An indication of how much you may need to borrow
What your annual income is (for each applicant if there is more than one)
Information about your credit history. Whilst this information is something you can estimate, if you obtain a copy of your credit report in advance this will ensure you can input the precise information.
Your credit score. Each credit reference agency uses their own scoring system so ensure you know how much this is and which credit report it is taken from.

Bad credit mortgage repayment calculator

Most bad credit mortgage calculators are designed to give you an indication of your ability to obtain a mortgage and possibly also an indication of how much you could borrow. Whilst high street lenders have a fairly simple approach to pricing their rates that mostly rests on the amount of equity or deposit you have, bad credit mortgage lenders also need to take into consideration what your bad credit history is. More specifically, what the events are including how much and when. As this pricing policy is much more involved than that of high street lenders it is very difficult to know what rate of interest you will be able to obtain without knowing the full facts. With this in mind it is rare that a mortgage calculator for bad credit will combine a repayment calculator. However, once you have the confidence of your ability to obtain a mortgage, finding the typical rate you may be able to secure should only be a short phone call to and adviser away or a web search (try our bad credit rates page). Any standard repayment calculator can then be used to work out your possible mortgage payments.

Whatever your requirements, here at Just Mortgage Brokers, our aim is to provide you with a tailored solution to your needs, and together see this through from beginning to end.

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Bad Credit mortgage calculator

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