What is the Strata mortgage calculator?
It’s an easy-to-use online tool that helps you estimate your mortgage repayments, based on a few quick questions. You don’t need to be a numbers expert, just fill in the boxes and let the calculator do the rest.
Here’s what you’ll be asked for:
- Mortgage repayment type – Repayment means you pay back the loan and interest together, this is the most common option or Interest only where you pay just the interest, with the loan repaid later.
- Mortgage purpose – For example: first-time buyer, home mover or buy-to-let.
- Property value – The price of the home you’re looking at
- Loan required – How much you want to borrow (not including your deposit)
- Mortgage term – How long you’d like to repay the mortgage over
Once you’ve entered these, you’ll get see your Loan-to-Value also known as LTV, that’s the percentage of the loan compared to the property value. Then hit search and with seconds you’ll see a list of current mortgage deals for new-build homes that you might be eligible for!
Not sure what something means? Just click the red question marks next to each field for handy tips and explanations.
