Once you have entered your financial information into the Setup screens and chosen the appropriate Settings, you can view the calculations in the Analysis and Mortgage screens.
You can enter as much information as you like. The more you enter the more accurate the calculations will be.
Here are some explanations for the fields that are not self explanatory. Please let me know if you think more explanation is needed or if anything is not clear.
Income
Annual Salary (before tax): This is used in the Analysis screen to show how many times your salary you need to borrow.
Monthly Salary (after tax) and Other Monthly Income: This is used to show you how much you will have left over once you've paid your mortgage.
You can optionally enter your partner's Income information if you are considering getting a joint mortgage.
Savings
Total Savings: Your total amount of savings.
Contingency: Any savings that you want to keep aside for a rainy day (or furniture) and not spend on the buying of the new house.
Remainder Available: The amount of savings to go towards the house purchase.
House Sale
Sale Price: The amount you are selling your property for.
Estate Agent Fee: The percentage charged by your estate agent for selling your property. The total amount (including VAT) will be calculated. The VAT rate can be amended in the Settings screen.
Legal Fees: Any fees that you need to pay your solicitor.
EPC (Energy Performance Certificate): HIPs have been suspended but you still need to get an EPC when selling a property.
Other Sale Costs: Any other costs related to selling your property.
Total Sale Cost: The sum of the Estate Agent Fee, Legal Fees, EPC and any other Sale Costs.
Mortgage Outstanding: The amount still outstanding on your mortgage for the property you are selling.
Net House Sale: The amount you will receive for your property after all the costs and the outstanding mortgage have been taken into consideration.
House Purchase
Purchase Price: The price of your new home.
Stamp Duty: The Stamp Duty Percentage will be calculated automatically (unless you have turned off the "Auto Calculate Stamp Duty" option in the Settings screen. The Stamp Duty calculation will take into consideration the "First Time Buyer" and "Designated Disadvantaged Area" settings.
Other Costs: Any other costs related to buying a new property.
Total Purchase Price: The amount the new property will cost you after the Stamp Duty and other costs have been taken into consideration.
Settings
Auto Calculate Stamp Duty: When it's set to "Yes" the Stamp Duty Percentage will be calculated automatically. When it's set to "No", you will need to enter a percentage manually.
First Time Buyer and Designated Disadvantaged Area: The Stamp Duty calculation will take into consideration these two settings.
VAT Rate: The VAT rate entered here is applied to the Estate Agent Fee.
Clear and Start Again: Pressing this button will reset all the fields to the values they had when the app was first installed.
Analysis
Mortgage Required: The amount you need to borrow.
Salary Multiple: How many times your salary you need to borrow.
Current Equity: The Sale Price of your current property minus the Mortgage you have outstanding on it.
Total Cost of Moving: The Total Sale Costs plus the Total Purchase Costs.
Deposit Available: The Net Sale Price plus Savings Available minus the Total Cost of Moving.
Deposit %: What percentage of the Purchase Price is the Deposit.
Loan To Value %: What percentage of the Purchase Price is the mortgage required. (The Deposit % and Loan To Value % add to 100.)
Mortgage
Mortgage Required: The amount you need to borrow.
Interest Only?: Select "Yes" for Interest Only mortgage calculation or "No" for Repayment.
Period (years): The number of years for which the mortgage will run.
Monthly Repayment: How much your mortgage payment will be each month.
Monthly Salary Left: Based on your net monthly salary plus other monthly income, how much money you will have left over each month.
Total Interest Paid: The total amount of interest you will pay over the period of your mortgage assuming a constant interest rate and no overpayments.
About
Use this screen to contact me with feedback, access the My Mortgage Mate website and view the User Manual.