Ian Burrows Managing Director of this site stated “our aim is to make peoples lives easier when making mortgage decisions.
Everyone knows that the easiest way to work out how much you can borrow, how long for and what your regular mortgage repayments will be is to use a mortgage calculator but with our new mortgage calculator website it is even easier to see how many options are available which way to go, whether you are a first time buyer or an investor looking to branch out their property portfolio.
Our mortgage calculator website will have calculators available which can show you your borrowing options for all the different types of mortgage based on interest rates, the loan amount you are looking to take out and the value of your property. Outlined here are a few types of calculators we will initially launch:
Simple Mortgage Calculator - this type of mortgage calculator simply shows you the amount you are able to borrow from a mortgage broker based on the value of the property you are looking to buy. You will enter the financial details laid out and can choose the repayment term to make sure you get the right deal.
Repayment Mortgage Calculator - the same as a standard mortgage calculator but with the added benefit of being able to show you exactly how much you will be looking to pay back on a weekly, monthly or even annual basis. Changing the repayment term will change the amount you expect to pay monthly, although it is worth bearing in mind that longer repayment terms mean you will end up paying more interest in the long run.
Interest Only Mortgage Calculator - this type of mortgage calculator shows you your monthly repayment amount should you choose to only pay for the interest on your loan rather than the full capital investment over your repayment term. The amount you need to pay back will be substantially less than on a full repayment mortgage but it is worth bearing in mind that you will still need to pay back the full loan at the end of your mortgage repayment term so you need to have a savings plan in place to ensure that this will be possible at the end of your mortgage term.
Offset Mortgage Calculator - calculates your monthly repayments if you decide to offset your savings or current account with your mortgage. This is a good way to pay off your mortgage in a much quicker time than with a standard repayment mortgage. The more you put into your account the quicker the loan is paid off - and it also cuts down on interest.
Buy To Let Mortgage Calculator - shows you what you will be paying back with the slightly higher rates involved with buy to let mortgages and helps you to work out how much you will need to charge your tenants in rent and also put provisions in place for paying back the loan if you cannot find tenants straight away.
Our mortgage calculators basically give you the option of approaching your mortgage broker with what you already know to be the best deal for your situation.
With our new mortgage calculator website you can put in your details and loan amount and quickly choose between the different types of mortgage to make a list of needs specific to you and the type of mortgage you want, which you can then take to your bank or other independent lenders to put you back in control of your financial future.
In a world that is overly complicated we are hoping to make this a litte easier.”
Author: David Thorne, Freelance Financial Journalist.