Would you like to buy the property of your dreams soon? If you answer yes to that question, then a mortgage calculator is going to be a helpful resource for you.
Preparing to submit a mortgage application is going to require you to crunch numbers.
You’ll need to know how much you can realistically afford. That’s a pretty simple sum that’s arrived at by knowing your income and your expenses.
Calculating everything you need to know about a mortgage
But your age, deposit amount, mortgage term and other factors also go into calculating your mortgage affordability. These elements can make for a slightly more complex maths sum. And this is where a mortgage calculator can make things so m uch easier for you.
Our mortgage calculators are tools that can help you discover the following pieces of information:
- Mortgage duration
- How long it will take you to pay off your mortgage
- The total mortgage amount
- Interest rate
- Frequency of payments
Best of all, our mortgage calculators are automated. That means you’ll be prompted to fill in the fields that relate specifically to you – and the calculator will do the rest.
Which mortgage calculators are available?
Our customers partner with us at all different points of their property journey/s. For this reason, one calculator does not fit all sizes. For example, a mortgage to move house is different to a mortgage for your first home.
Therefore, we have five different mortgage calculators on our website. These are:
- First time buyer mortgage calculator
- Home improvements mortgage calculator
- Moving house mortgage calculator
- Switching lender mortgage calculator
- Buy to let mortgage calculator
How to get mortgage-ready
Once your mortgage application is complete and submitted, you can get an answer back from a lender in a short period of time (within two weeks).
However, it can take a fair bit of time to get mortgage-ready before this point.
You need to present a crystal clear picture of your finances in your mortgage application. This is done by tracking your income and your expenses meticulously for a period of time before applying for a mortgage.
Your salary will be taken into account alongside any other income you might earn on a monthly basis.
So too will your expenses.
All of your expenses. From rent to transport to servicing credit card debt to food costs, all of the money you spend on a monthly basis needs to be factored into your financial snapshot.
This is to provide both you and the lender with the most accurate idea of the mortgage sum you can afford. Unforeseen costs do arise with home ownership. Interest rates can go up as well as down in the wider economy and house maintenance costs can also arise.
The process of getting mortgage-ready also highlights where you need to focus on making changes if you’re not in a position to buy a home now.
As a general rule of thumb, settling credit card debt and outstanding personal loans as quickly as possible is a good move. Your mortgage application will be stronger for doing so.
We also encourage all of our customers to save as much as they can for their deposit.
This needn’t be an intimidating task. With the right mindset and a few consistent habits, our customers are often amazed at the sums they can save. Our blog post on how to save for a mortgage shares some ways you can build your deposit up.
A deposit is one of the most powerful ways to secure a mortgage for the property you want to buy.
We’ll use our mortgage calculators too when we partner with you to find which mortgage suits you best.
Contact us today to find out more about how we can help you. We’d be delighted to chat!