FAQ

Got a question? You’re in the right place to find the answers. 


Why can’t I increase my mortgage multiple?

We set the mortgage multiples at industry standard levels (4.5x salary for individual purchasers and 3.5x salaries for joint purchasers). Of course, some people may be able to get a higher multiple in their individual circumstances. If that’s you, we recommend that you speak to a mortgage broker to see what you could borrow.


How accurate is the mortgage calculation?

We provide you with an estimate only of how much you might be able to borrow, and an average interest rate based on industry standard figures. To find out exactly how much you could borrow – at what interest rate – you will need to speak to a mortgage broker (or a mortgage lender, like a bank) and get a quote. They will need more information from you, such as your income and spending, to be able to give you a more detailed quote.


What is my savings target amount?

This is the total amount of your deposit, stamp duty (if applicable) and a pot of £3,000 that we call “Other”. This is intended to cover things like mortgage arrangement fees, solicitors costs and survey costs. Of course, this amount might be different from the actual costs of all of these things in your particular situation. This “Other” amount is just intended to give you an estimate of these costs.


How does Lifetise make money?

We partner with other companies who can provide you with products and services that we hope are a good fit for you. We are choosy about our partners – we look for companies that have high customer satisfaction ratings. If you buy any products or services through our partners, we get paid a commission.

We will always make it clear on our site when you are clicking on a partner button. There is absolutely no pressure on you to buy anything through any of our partners. We always recommend that you look around for the best deal for you.


The average prices for homes / childcare don’t match my reality!

We know there will be some times when our database of costs doesn’t keep up with reality. It’s hard to monitor costs all across the UK! That’s why we make our maximum house price (in Homefinder) and childcare costs (in Childminder) editable by you. So if you know your numbers better than us, you can adjust them yourself.


Is it possible to save more than one plan?

Yes, absolutely! If you have a Lifetise account, you can create multiple plans (so you can try different options of numbers, locations etc). All will be saved to your account for you to access later. 


Does Lifetise provide financial advice?

We currently don’t provide financial advice. All of the information that we provide is estimates to help you get an idea of how much you’ll need to spend and save. If you need advice on your specific circumstances, then please speak to a mortgage adviser, or an independent financial adviser. 


Do I need a Lifetise account?

You don’t need an account to use Homefinder or Childminder. If you want to access any of the other life goals (paying off debt, getting married, changing jobs) then you’ll need an account.