This UK Mortgage Calculator is for illustration basis and strictly for reference only. Please contact our mortgage experts in case of necessary.
UK Mortgage Calculator
This is governed by your age, expected retirement age and what you can afford. Most of our clients choose a mortgage that is realistically repayable over 25 years. However, you can always choose a longer-term mortgage. Remember, the longer your mortgage lasts, the more interest you will end up paying. Try our UK mortgage calculator today.
Lenders take a long look at your income, including type, amount, history and future sustainability. They also consider other mortgages you might have and the source of deposit. They will use UK mortgage calculator and also closely examine your bank statements to ensure they can verify all other information provided in the application.
A lifetime mortgage is a type of equity release. You borrow a set amount of money and use your property as security. Unlike a standard mortgage, there is no need to make monthly payments towards the loan as you can choose to let the interest roll up over time. This means the interest is added to your original loan and to any interest already accrued and this means your debt will increase over time. Some lifetime mortgages will now allow you to make monthly payments and payback some or all of the interest. Other plans permit penalty free partial repayments up to usually 10% annually.
When you die or go into long term care the loan needs to be repaid including the interest. This is usually done through the sale of the property. Try our UK mortgage calculator today.
A fixed rate mortgage guarantees that your mortgage payments will stay the same over a set period of time until the fixed term ends. Fixed mortgages typically have an initial period that can run from two to five years, giving you several years of repayment security. A fixed rate mortgage allows you to borrow money to buy or remortgage your BTL property at a fixed rate of interest for a set period. Each month you will pay the same amount, no matter what happens to the Bank of England base rate or your mortgage lender’s standard variable rate (SVR). Try our UK mortgage calculator today.
This type of mortgage comes with a rate that moves up and down in line with changes to the Bank of England base rate (so it tracks this external rate), meaning that your payments can fluctuate based on a measure that may be a bit more easy to predict than providers’ internal decisions. So, if you believe that base rate is due to decrease in the next year or so, this might be a good choice. Of course, if you’re interested in a tracker mortgage with a long term, base rate will become increasingly harder to predict. Try our UK mortgage calculator today.