You may be tired of hearing the words recession and credit crunch, but unfortunately they are an all too real fact of life for all of us, making securing any sort of loan a pain. This is especially true for mortgages, meaning a lot of research is unfortunately necessary to get the best possible deal
Doing this involves using all of the tools at your disposal including mortgage comparison sites and even a mortgage calculator, which is an unbelievably helpful way of figuring out roughly what your liabilities will be for any mortgage you take out. Obviously it can't give you a 100% accurate representation, but it is more than adequate for starters.
It can be used either before you get an offer, or just for pricing a potential mortgage. Getting your mortgage spot on is serious business as you don't want to lose your home in the event of not being able to make repayments. This is why it's important to use a mortgage calculator as this simple tool will allow you to tot up all the numbers and see what you can afford.
Using a mortgage calculator couldn't be simpler, all you will need to do is enter a few simple details like the amount of the mortgage, the repayment period and the interest rate, the calculator will then give you an instant answer, letting you know exactly how much you will have to pay. We recommend using this BBC calculator - bbc.co.uk/homes/property/mortgagecalculator.shtml as it offers an impartial look, something a lot of other websites don't offer!