Calculate how much will your mortgage repayments be easily
If you've been mulling taking the biggest financial move of your life and finally buying your own home then you've probably started the initial planning for getting a mortgage. It's probably trickier than you though eh? Most banks these days will only offer mortgages if you're willing to cough up a sizeable deposit.
If you've managed to negotiate this hurdle through securing the deposit, or even negotiating some extremely favourable terms, then it's time to figure out if you can afford the monthly repayments. How can you do this? Well, more and more people are discovering the joys of using online mortgage calculators to find out just how much they'll have to pay!
Before you go diving headlong into inputting figures, it's worth noting that mortgages are extremely complicated financial products. Headline rates can be quite misleading due to outside factors like early redemption penalties, set up fees, valuations fees, restrictions on who is eligible for the mortgage and lock in rates once an introductory rate has expired.
Once you're sure that you have the sums worked out in your head, visit this site - http://www.mortgagecalculator.org.uk/ and make use of their free to use simple online calculator. This will give you a rough idea of how much you will have to cough up! Handy eh?
For more detailed and exact figures, you'd be best advised to visit a professional mortgage broker, who can look at your individual case, and the variables involved, before coming back to you with a precise figure.