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19 Oct 2017

Mortgage Advice

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Mortgage Payment Calculator

Mortgage payment calculator

Go Direct’s mortgage payment calculator has been designed to help you simply calculate the costs of your mortgage. The payment mortgage calculator will show you a general indication of the repayments but are for guidance only and the figure may differ depending on your personal circumstances.

The mortgage repayment calculator is quick and easy to use and you will only need to enter the following information to find out more about the best mortgage deals:

Property valuation

This is the purchase price of the property, or for remortgages the expected valuation.

Loan required

The amount you need to borrow is the size of the loan required.

This will be the difference between the purchase price of the property you want to buy and the deposit you have available.

Term of mortgage

This is the length of time in which the loan will be repaid. You should select a term that is in accordance with your plans for the future and allows you to meet your budget. You should not base this term on unrealistic income increases if this would result in you struggling to meet the repayments if they do not materialise. You should also take into account any known future changes in your circumstances, which would affect your current available budget, such as starting a family or retirement.

Purpose of loan

Are you buying a new property or are you remortgaging your existing property

Please remember that if you are intending to repay your existing mortgage your current lender may make an early repayment charge. You should check with your current lender and take these charges into account when considering remortgaging.  

Post code of property

The post code of the property to be purchased or remortgaged, as not all mortgage lenders will lend in all parts of the UK.

Reason for mortgage

Lenders offer different mortgages and criteria for owner occupier, buy to let, shared ownership and right to buy mortgages.

Payment method

To calculate your mortgage repayments our mortgage calculator will need to know if you require your mortgage on a repayment, interest only , Isa , endowment or a combination.

Date of birth

Some mortgage products have an age limit at the outset of the mortgage or have limits to the maximum term of the mortgage. Our repayment calculator will take this into consideration when searching the mortgage market. 

Current buyer status

Some lenders offer special mortgage deals for first time buyers of subsequent buyers.

Employment

Whether you are employed or self employed can have a bearing on the mortgage products on offer.

Basic salary

This is you guaranteed annual salary before tax and national insurance has been deducted.

Other income

This is over time, bonuses ex, benefits, maintenance, which some lenders may take into consideration 

Can you supply proof of income?

If you cannot prove your income then you may be able to self-certify, make a declaration about the amount that you earn.

It is vitally important that you are honest about your income. If you over-estimate your income you may find that if interest rates increase you cannot afford to repay the money you have borrowed.

Many lenders will only allow you to self-certify your income if you are self-employed. If you are employed and need to self-certify your income you should obtain advice from a qualified mortgage adviser.

Monthly commitments

If you have any debts/liabilities that you make a payment towards every month, these are your monthly outgoings. This would include any monthly payments for hire purchase agreements, repayments for personal loans, child maintenance payments and school fees payments.
This would also include any monthly payments you make towards credit cards and store cards, and any overdraft facility you have which is not cleared each month. If you clear the outstanding balance in full every month on your credit card / store card, you do not need to includes these details. Also, if you clear your overdraft every month in full, you do not need to include these details.

Credit History

A CCJ (County Court Judgment) is a judgment of debt made in the county court. These can be incurred by non payment of credit cards/store cards council tax etc

If you have had credit problems you must disclose these to the lender. This may not prevent you getting a mortgage, it depends more on the reasons for your debt and the way in which you have chosen to settle this.

If you are considered to be a poor credit risk lenders may still be prepared to offer you a loan, but it could be at a higher rate of interest than the ‘normal’ rates offered.

Mortgage rate type

A LIBOR rate mortgage is a variable rate mortgage that tracks the LIBOR rate, the London Inter bank Offered Rate (LIBOR), the rate at which banks notionally buy and sell money to each other; for example, your interest rate might be set at 1.5% above the LIBOR rate.

Advantages include the fact that you are guaranteed to benefit in full from any fall in the LIBOR rate and that the interest rate you pay can’t rise by more than the rise in the LIBOR rate.

Disadvantages include the fact that if interest rates rise, your rate will rise with them.

Product features

Flexible Mortgages

A flexible mortgage is one, which includes one or more options to vary the rate at which you pay it back but without charging an early repayment charge.

The typical options available are Overpayments, Underpayments, and Payment Holidays.

There are two types of overpayments:

Firstly you can increase your monthly payments to reduce the outstanding debt quicker, which means you could clear your mortgage earlier than the intended term,

Secondly, you can make occasional lump sum payments to reduce the debt.

Some mortgages allow the borrower to reduce the monthly payment. If you use this option you will need to remember to clear the outstanding amount as soon as possible afterwards, with a lump sum or by paying an additional amount each month. If you don’t clear the outstanding amount the increase in your mortgage debt will mean it may take you longer to repay your mortgage and you will end up paying more interest.

Some mortgages provide the option to take a payment holiday. This means you stop making payments for a period of time. The missed payments are added to your mortgage debt, which may mean it will take longer to repay and increase the amount of your mortgage.

These mortgages can be particularly beneficial if your income is variable, or if you are likely to come into money in the near future; however, you must make sure you understand the terms of each option, as it possible to increase the amount you owe if you misunderstand them.

Initial rate period

Interest rate that is payable from the commencement of the loan. Many mortgage products, e.g. fixed and discount, have an initial rate of interest which will change at the end of the initial period.

Refne search

Specify which additional filters you which to apply when searching for mortgage products such as, no conditional insurance, no higher lending charge (HLC), or no early repayment charge.

 

Do you want fee free online mortgage advice?

For online mortgage advice or remortgage advice please feel free to speak to our mortgage advisors, just complete the mortgage advice enquiry form and a professional mortgage advisor will contact you.

 

Compare Mortgages | Mortgage Payment Calculator

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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be 500