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Using a mortgage calculator

A mortgage calculator could be a useful tool if you’re unsure how much your monthly mortgage repayments will be when you move into your new home. By inputting key figures, it will automatically calculate your monthly mortgage repayments, giving you a better idea of whether you can afford your dream home.


How do I use it?

Here’s a step-by-step guide to using our mortgage calculator.

1. Move the deposit slider up and down until it represents the size of the deposit you have saved - or are hoping to save.

2. Move the ‘cost of property’ slider until it shows the price of the home you want to buy.

3. If you are planning on using Help to Buy, make sure you check the ‘yes’ box next to where it says Help to Buy Deposit Contribution. This means the calculator factors in all the variables that come with taking out a Help to Buy loan, such as having a 5% deposit and a five-year interest-free period.

4. Then you need to input the term of the mortgage you are hoping to apply for. This indicates how long you will be taking out the loan for.

5. Put in the interest rate of the mortgage that has been offered by your lender.

6. The mortgage calculator will then automatically show how much your monthly mortgage repayments are likely to be. The results will relate to a capital and interest mortgage, so if you’re looking at an interest-only product, you will need to discuss your predicted repayments with your lender.

Making some slight changes to the information you put into the calculator – such as increasing the mortgage term and having a bigger deposit – may bring down your monthly repayments. You might also find that reducing the term by a few years leads to only a slight increase in how much you’re repaying, but it’s worth the financial commitment in the long run.

What should I do with the calculation?

Once you have a better idea of how much you’re likely to be paying for your mortgage each month, you can take a better look at specific products. It is possible to research these yourself, although you might want to find a mortgage advisor to help.

We work with a recommended panel of independent mortgage advisors who don’t charge for their services. They can discuss the different products on the market and help you make a decision on which mortgage is best suited to your budget.

You could also use a mortgage broker, but it’s likely they will charge you a set fee for their services, or a percentage of how much you borrow. Make sure you know how much you will need to pay before you decide to use them.

The mortgage calculator is designed to act as a guide, as different mortgage providers will have their own criteria you need to meet before accepting your home loan application. Take a closer look at all the terms and conditions of your mortgage before making a final decision. 

Top tips for buying a new home

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