Work out where you stand with a mortgage calculator

So you've finally decided to bite the bullet and shell out for your dream home? The bottom of the market has been hit, and the only way is up! There's literally never been a better time to buy a home.

The only thing to do now is figure out how you can afford it. Banks are pretty unwilling to dish out finance right now as more and more of their customers slip into negative equity due to the property crash, so it's understandable that they may be a little sheepish.

The only way around this is to secure a high deposit mortgage. Figuring out if you can actually afford it is as simple as using one of the online mortgage calculators on the internet. There are two types of these calculators, the simple and complex.

A simple mortgage calculator gives you a rough idea of how much you'll pay from the interest rate, the length of the loan and the mortgage amount. A complex one does much more, by allowing you to fill in much more information to get the right deal.

Complex mortgage calculators are best used in the presence of a finance expert, as they'll be able to advise you of the pitfalls and advantages of the various different packages on offer from financial institutions.

If you're looking for a simple mortgage calculator online, then we recommend checking out the calculator on this website - http://www.mortgagecalculator.org.uk/. It does everything you could want from a calculator, so happy house hunting!

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