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Calculate your repayments using a mortgage calcalator

If you've decided that you're going to dip your toe into the property market at last but remain a little bit wary as to exactly how much it's going to cost you, our best advice would be to try to figure out as best you can how much you can afford to spend on a monthly basis, and then use an online mortgage calcalator in order to see if the rates you're seeing advertised tally up.

A mortgage is a huge investment for both you and your future financial stability. While having one opens countless doors and makes it that little bit easier to take out loans in the future, taking out a mortgage you struggle to repay will ultimately cause you more harm than good.

The bad credit rating associated with missing your mortgage repayments or, even worse, defaulting on your mortgage altogether could potentially cripple you for years as very few lending institutions are likely to view you as anything more than an unnecessarily high risk.

Even if you appear to be stable in your current job, it's always worth factoring in the worst case scenario to your financial plans. How would you cope with repayments if you or your spouse found yourselves out of work for any period of time? Do you have enough savings to cover you in leaner times, ensuring that you don't get dragged into a dangerous cycle of debt?

These are questions that need to be answered if you are to take out a mortgage that not only represents good value, but also poses less of a risk than others.

Once you have thoroughly worked out where you stand financially, you should use one of the many mortgage calcalators available online in order to figure out your monthly repayments.

The most thorough we've found for the UK market is located at www.fsamortgagecalculator.co.uk and offers the most comprehensive service of all the free calculators available.

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