Keep track of your finances with an online morgage calcuator
There aren't many things in life quite as confusing as trying to figure out what kind of mortgage suits your financial situation and requirements. Some of the terms and phrases used can prove to be quite troublesome for many who have little experience in the financial world, so it's important that you know what you're getting yourself into before signing on the dotted line.
With so many kinds of mortgage available, and the tightening restrictions governing them, it's up to you to keep yourself informed at all times so that there are no unexpected surprises down the line.
The most popular types of mortgage available on the UK market right now are repayment mortgages, where you repay both the initial loan sum and all interest incurred, interest only mortgages where you only repay the interest over the course of the loan before paying the initial loan sum in full to end it, endowment mortgages which are similar to a combination of a loan and an investment which also acts as a life insurance policy, ISA mortgages which combing savings with your mortgage repayments, first time buyers mortgages with rates specifically to help new homeowners make their way onto the property ladder, and pension plan mortgages which are excellent for tax reasons but offer very little by way of flexibility when it comes to terms and rates.
As you can see, there are quite a few choices you're going to have to make before you even start to look at the terms and conditions of the mortgage!
In order to help make things a little more transparent, many websites offer a dedicated morgage calcuator which will let you know exactly how much any given mortgage will cost you over a given period of time. The ever reliable BBC have an excellent one located on their website at http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml, so check that out before you decide on which mortgage is right for you.