Mortgage Calculator UK
There are many types of mortgages from which to choose and the two most popular choices are:
Fixed rate – the interest rate is fixed for a set time period, and when it ends, your lender may switch the interest rate to their standard variable rate which will be set according to the bank of England base rate.
Tracker – the interest rate varies according to the bank of England base rate
In addition to choosing the type of interest rate deal, you may also need to decide which method of repayment is right for you:
Repayment – straight forward monthly payments totalling the mortgage repayments and interest accumulated each month. In this option, you are guaranteed to repay your mortgage within the interest rate term set by your lender
Interest Only –payments of the interest accumulated each month and separate instalments into an ISA to repay the whole of your mortgage upon maturity. You can make overpayments and underpayments in this option, and as such it is important that you are a confident saver.
Having used our mortgage calculator before deciding on a particular interest rate deal or method of repayment, you may wish to speak to a mortgage advisor or your financial provider before settling on a deal, as your mortgage loan provider should consider your personal circumstances in order to find the right mortgage deal for you.
It is important to compare as many mortgage deals on the current market before agreeing to any as this will enable you to find the best deal for your money.
Our independent mortgage and protection service
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. With the recent changes (long overdue) to the mortgage industry, the message from the Regulator and lenders to the UK public is to get professional advice".
For information on the latest mortgage deals and to compare them with the other deals available, use our independent friendly service to:
- Compare mortgages from across the market
- Get quotes from top mortgage providers
- Speak to an expert for information and advice
As your mortgage is such an important transaction, good advice is imperative - you can call our mortgage team on 0845 241 5556.