Unencumbered Mortgage Calculator
An unencumbered mortgage calculator is a financial tool designed to help homeowners who own their property outright (with no existing mortgage or liens) estimate how much they can borrow, their monthly repayments, and the total cost of a new mortgage.
This calculator is particularly useful for those looking to release equity from their mortgage-free property for purposes like home improvements, investments, or debt consolidation.
To use it, just enter a few key details:
- Current Property Value: What your home is worth right now (an estimate is fine).
- Amount You Want to Borrow: How much you’d like to take out as a new mortgage.
- Mortgage Term: How long you’d like to repay the mortgage (in years and months).
- Your Income: Your annual income, plus any bonuses, commission, or overtime.
- Second Person’s Income (if any): Include their income details too if you’re applying together.
Once entered, the calculator will give you an estimated borrowing amount based on your home’s value and your income.
This can be a great way to raise funds for home improvements, investments, or other big plans. Just remember, the result is only an estimate — your actual offer may vary depending on the lender.
Have questions? Enter your details and one of our expert mortgage advisors will be in touch to help.
