PAYE is a method of collecting tax from individuals,both Resident and Non-resident, in gainful employment. Gains or Profits includes wages, casual wages, salary, leave pay, sick pay, payment in lieu of leave, fees, commission, bonus, gratuity , or subsistence, travelling, entertainment or other allowance received in respect of employment or services rendered. As an employer you are required to deduct PAYE from your employees' salaries and wages at the prevailing rates and remit the same to KRA on or before the 9 th of the following month.
The following tax rates shall apply to individual employment income with effect from 1st January This calculator will help you to quickly convert a wage stated in one periodic term hourly, weekly, etc. This can be helpful when comparing your present wage to a wage being offered by a prospective employer where each wage is stated in a different periodic term e.
Simply enter a wage, select it's periodic term from the pull-down menu, enter the number of hours per week the wage is based on, and click on the "Convert Wage" button. Take a look at the chart below to see how much you could borrow depending on your salary and potential income multiple. This chart is for comparative purposes only and we recommend that you contact your lender or broker for the most up-to-date information for your circumstances. Want to know exactly how much you could borrow based on your income?
Drop us a query with your exact income and we will have an expert broker answer any questions you have about how much you could borrow. To find a mortgage to suit you, speak to one of the expert brokers we work with. Professional staff, especially Steve, he has dedicated all his time and energy to come up with the best solution for us and very fast.
Very satisfied about the service. Great staff and good communication. Helped us understand the process and gone over and above to help in a difficult situation. Other companies couldn't even be bothered but Thank you so much OMA. Aaron went above and beyond. He worked late and kept in contact with me and worked tirelessly to find me the best mortgage he could.
These tables give you an at-a-glance guide to the amount you might be able to borrow on your salary. Bad credit can affect the number of lenders who are willing to lend to you and therefore the range of mortgages you have available to choose from.
And while you could get your desired principal initial size of your mortgage , you may have to pay a higher rate of interest, costing you more overall. To improve your chances of getting a mortgage with bad credit , you can manage your debts, change any outdated or inaccurate factors on your credit reports, and save for a larger deposit. For more information on how to improve your credit score, read our guide. To get a better understanding of how your income can affect your choice of bad credit mortgage providers, talk to an advisor.
They can answer any questions you may have, plus they can factor in your personal circumstances to find the best mortgage rates using their whole-of-market access. Some mortgage providers cap the maximum age a borrower can be at application or at the end of the mortgage term which can be frustrating if you are an older borrower. However, there are lenders who will consider older borrowers, if they can prove that their income will be sufficient enough throughout the duration of the mortgage.
Mortgage providers may ask for proof of your income which could be from employment, savings, a pension or benefits. The advisors we work with can talk you through the process and highlight which lenders may be willing to approve your mortgage depending on your income and other variables.
Alternatively, for more information on lending in later life, visit our section on here. To get a rough idea of how much you can borrow based on your salary , use our mortgage calculator below. While our calculator is a great starting point, online calculators are unable to provide you with an accurate figure as they cannot take in the many variables that lenders use to calculate a deal.
For a more accurate idea of how much you could borrow, make an enquiry. All enquiries are free, and there are no marks made against your credit rating. We understand that each situation is unique. If you would like a detailed insight into how much you could borrow on a mortgage from your household income, get in touch today. Our guide to the different types of income you can use when applying for a mortgage.
This includes tracking cookies. How much can I borrow? Home Mortgages Mortgage how much can I borrow calculator? Annual income and guaranteed overtime before tax. Applicant 1. Applicant 2. Ready to discover the best mortgage rates? Choose a mortgage category to suit you and compare providers today. First time buyer mortgages Moving home mortgages Remortgage. Compare all mortgage rates. How much can I borrow on a mortgage? Advertisement Call Mortgage Advice Bureau on or send an email.
What can impact how much I can borrow for a mortgage? Loan to value LTV and the size of your deposit All mortgages require some form of deposit, but they are not directly linked to how much you could borrow.
A higher credit score could increase what you can borrow Your credit score has a big part to play in how much you can borrow. Income is a significant part of deciding how much you could borrow Income is crucial for determining how big a mortgage you can have.
Could a specialist mortgage support your plans? Holiday let mortgages Self employed mortgages Green mortgages Mortgages for bad credit. Higher outgoings reduce how much you could borrow Your regular household expenses, debts and insurances can all affect what a mortgage lender will let you borrow. How do lending multiples work? Can I borrow up to five times my salary? Can I include overtime payments when calculating how much I can borrow for a mortgage? How much can I borrow for a mortgage based on my income?
How much can I afford to borrow? Should I take the maximum I can borrow? How can I drop an LTV band?
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