What are Mortgage Repayment Tables?
If you are searching for a mortgage or remortgage, you may choose to do your own research before you decide to take the plunge. If you have already trawled the internet to get a little insight into what to expect, whether you’re buying a new home or looking to remortgage your existing home, you’re bound to have come across a few unfamiliar terms.
You may have seen references to mortgage repayment tables, for example, but what exactly are they and how accurate can they really be?
Mortgage repayment tables are tables that show you a breakdown of how much you will pay over the life of your mortgage, and in some cases how the payments will be applied on your interest rates and initial balance. They are often available as accompanying samples for online mortgage calculators.
Although mortgage repayment tables can give you an idea of what a mortgage payment plan will comprise and how it is structured, just as with online mortgage calculators, they do not take into consideration any other costs that are payable when obtaining a mortgage, nor do they consider each individual’s financial situation. So in fact, they cannot be considered very accurate at all!
The truth of the matter is that mortgage repayment tables are no substitute for talking to a competent mortgage professional, who can discuss your personal requirements and give you the right information straight away.
If you have any concerns about what effects monthly mortgage repayments may have on your finances or would just like an idea of what payments to expect, the Mortgage Advice Center is here to help you.
It couldn’t be easier! Just fill out the form on the right hand panel and a mortgage professional with contact you regarding your personal situation. No matter what state your finances are in, if there is a solution, we will find it – completely free and under no obligation.
It is far better to get the right information first when taking an important step like applying for a mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
There may be a fee for Mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £300