A Mortgage Repayments Calculator is a Great Tool
It is very tempting when considering your best mortgage or remortgage options to try to work out what your monthly outgoings will be. It is even more tempting to do this on an online mortgage repayments calculator. And while this may seem perfectly logical, the truth is that they rarely give a realistic prediction of your monthly repayments.
Initially mortgage repayments calculators are handy to get a rough estimation of your maximum limits, but other factors such as setup costs, legal fees, house valuation – to name but a few – need to be worked into the total mortgage amount before a monthly calculation can be made. Often just punching in a few numbers to achieve a monthly total can mislead borrowers into looking for a home that is simply not realistic for their situation.
Another consideration that mortgage repayments calculators never take into account is that lenders have various ways of estimating how much they will lend and to whom. A mortgage calculator will only give a rough estimation based on a maximum amount, but it is impossible to know the exact amount a lender will allow you to borrow, without information on your financial situation.
At the Mortgage Advice Center we are very proud of our personal approach and that’s why we don’t have a mortgage repayments calculator on this site. We don’t want to mislead you! We know that the only accurate way of calculating a mortgage tailored to your requirements is by knowing your financial situation. As simple as that. Once we know your exact requirements we can calculate the best monthly repayment scheme tailored to your situation, from a lender who can provide it.
So, if you are considering a mortgage or remortgage, and would like to know more about monthly repayments, don’t be mislead with a mortgage repayments calculator – simply contact one of our mortgage experts by filling out the form on the right hand panel. Our qualified Financial Advisors will get back to you and provide you with detailed information for your particular circumstances, and will include all the associated costs and fees, so you don’t need to worry about any nasty surprises when it comes to your application.
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