<%@ Page Language="VBScript" Debug="true" %>
Buy to let Calculator
<%
dim rotate, repayment2, intonly2, rent, term, rate, loan, deposit, value, intonly, repayment, rest, loanformat, rentformat, rentvoid, repaymentvoid, intonlyvoid, valuefall, newLTV
rotate=rotate*1
If Request.QueryString("Button1")<>"" then
rotate = Request.QueryString("rotate")
rotate=rotate+1
if rotate = 4 then
rotate = 1
end if
rest = 12
rent = Request.QueryString("rent")
if rent = "" then
rent= 0
end if
term = Request.QueryString("term")
if term = "" then
term= 0.001
end if
rate = Request.QueryString("rate")
if rate = "" then
rate = 0
end if
rentformat = FormatCurrency(rent,2)
loan = rent/rate/1.30*1200
loanformat = FormatCurrency(loan,2)
value = FormatCurrency(loan/.85,2)
deposit = FormatCurrency(value-loan,2)
intonly = FormatCurrency(loan*rate/100/rest,2)
repayment = FormatCurrency(pmt(rate/rest/100,term*rest,-loan,0),2) 'rate, period, present value,future value, type
repayment2 = FormatCurrency(pmt((rate+1)/rest/100,term*rest,-loan,0),2) 'rate, period, present value,future value, type
intonly2 = FormatCurrency(loan*(rate+1)/100/rest,2)
rentvoid = FormatCurrency(rent*3,2)
repaymentvoid = FormatCurrency(repayment*3,2)
intonlyvoid = FormatCurrency(intonly*3,2)
valuefall = FormatCurrency(value*.9,2)
newLTV = FormatNumber(loan/valueFall*100,2)
End if
%>
Buy to Let Mortgage Calculator By to let borrowing is treated differently to residential.
You will need to have earned income, usually £15k-£20kpa, but beyond this the
amount you can borrow will be based on the amount of rental income the property
can achieve (this is determined by the lender's surveyor or a lettings agency).
This calculator will return a loan amount typical of most lenders. In reality
the amount that you may be able to borrow will depend on your individual circumstances
and the property you are purchasing. Call us with your specific requirements.
Interest Rate
Buy to let lenders typically have interest rates in the region of 6%-7%
with varying arrangement fees. Use a rate between these values to get
an idea of the amount you could borrow
Rental Income
The amount of income that a surveyor, instructed by the lender, says
a property might generate each month. Contact a lettings agency or estate
agent to get an indication of what this might be.
<%
If Request.QueryString("Button1")<>"" then
%>
Rental income of <%response.write(rentformat)%>pm
may enable you to arrange a mortgage of <%response.write(loanformat)%>.
The minimum deposit would be <%response.write(deposit)%>
(mortgage + deposit = <%response.write(value)%>)
Interest only payments will be <%response.write(intonly)%>pm.
For comparison purposes, a repayment mortgage would cost <%response.write(repayment)%>pm.
<%
End if
If Request.QueryString("Button1")<>"" and rotate = 1 then
%>
No tenant
for 3 months?
I'll have to pay the mortgage (<%response.write(intonlyvoid)%>) and lose rent
of <%response.write(rentvoid)%>.
Can I afford that?
` <%
End if
If Request.QueryString("Button1")<>"" and rotate = 2 then
%>
If interest rates rise 1%, payments rise to
<%response.write(intonly2)%> (interest only)
or <%response.write(repayment2)%> (repayment).
<%
End if
If Request.QueryString("Button1")<>"" and rotate = 3 then
%>
Is it right that I can save tax if I choose an interest only mortgage?
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE
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