Buying own home is the most common biggest dream of every British; however, buying the best-priced mortgage is always a challenge, especially for the first time buyers. Luckily, numbers of free to use mortgage calculators like Halifax mortgage calculator, Bank of Scotland mortgage calculator, Ulster bank mortgage calculator, etc are available online that help the borrower to know the eligibility, permissible loan amount and affordability, etc. Each mortgage calculator gives slightly different results varying according to the norms of the particular lending agency.
Overview of Top Five 5 Mortgage Calculators in UK:
Are you also looking for remortgaging? Do you know all about the best mortgage deal and source? Can you afford long-term remortgaging? Are you confident at the time of signing the mortgage agreement? To get the answers to such questions, online mortgage calculators help you in a great way.
1 – Halifax Mortgage Calculator:
Halifax mortgage calculator helps the borrowers view the best suitable mortgage deals instantly being offered by Halifax, mortgage dedicated division of Bank of Scotland. Up to 85% of property value can be mortgaged. The maximum limit for an interest-only mortgage is 75% of property value. Rate change calculator, Halifax conveyance service, mortgage overpayment calculator are designed with great accuracy to guide the borrowers for the right decision.
2 – Ulster Bank Mortgage Calculator:
Ulster bank mortgage calculator is available in Northern Ireland. The maximum age for the borrower is 65 years. The minimum mortgage term is 5 years; while the maximum term for a residential mortgage is 35 years. The maximum term for an investment mortgage is 25 years. The minimum mortgage amount is £10,000. The maximum LTV (Loan to Value) is 90%. The minimum top-up mortgage is £ 12000.
3 – HSBC Mortgage Calculator:
HSBC, one of the world’s largest banking and financial services providers, offers free access to its wide range of mortgage calculators like repayments calculator, overpayments calculator interest rate change calculator, etc. These mortgage calculators are designed to help the users to make things simpler. Users can use different mortgage calculators to find the perfect answers to many questions like – how much can I borrow, and, what are the available options, etc.
4 – Natwest Mortgage Calculator in the UK:
Natwest mortgage calculator is designed to answer the borrowers about ‘how much can I borrow, what will be the mortgage cost, how an interest rate change can affect the monthly mortgage repayment?’ etc. Mortgages are available for 95% of the total property cost. At least 5% deposit is required. The maximum age by the end of the agreement shouldn’t exceed 70 years. Early repayment charge is incurred on overpayment exceeding 10% of the annual limit.
5 – Mortgage Calculator By Money Saving Expert:
Money saving expert mortgage calculator allows the borrowers to use its free eight ultimate mortgage calculators like basic mortgage calculator, calculator to compare two mortgages, overpayment calculator, fixed-rate mortgage calculator. Although Money saving expert is not a banking institution but the website, created by Martin Lewis in February 2003, is meant to guide the borrowers and investors right.
To help you take the quick and right decision for mortgage or remortgaging, I list the top trending mortgage sources in the UK:
Five Tips to Use Online Mortgage Calculator:
Although all the online mortgage calculators are designed to guide the users for the best possible deal still there are many factors that are not considered by the technology-driven mortgage calculators. For example, the home maintenance cost, insurance, property tax in case of buying a home are left unconsidered by mortgage calculators. Similarly, it is tough to opt better out of fee-free or cash back mortgage deals just on the basis of mortgage calculators. Therefore, you need to use the mortgage calculator carefully with insights in future possibilities also to get the fixed rate mortgage rate. The following five tips will help you get the best mortgage deal:
1 – Use “Extra payments” functionality to repay the borrowed amount at the earliest
2 – Use ARM interest rate in mortgage calculator while fixing the repayment term for 30 years
3 – Use the mortgage calculator to know when you’ll have 20 % equity in the property; at this time, you can be freed from the private mortgage insurance clause
4 – Use the mortgage calculators just for an estimate, not for real figures; be ready to face the difference
5 – Use the relevant zip code of the area where the property exists
Mortgaging is simplified by the mortgage calculators available at almost all the lenders’ website; still, the biggest concern for the borrower is ‘repayment’. The following five are simple tricks to simplify and lower the mortgage repayment without refinancing:
1 – Create space and rent out a room
2 – Re-assess the property value
3 – Re-calculate Escrow payment
4 – Overpay the mortgage repayment whenever possible
5 – Re-assess insurance deal after paying 20% of mortgage