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What will my mortgage repayments be?

A quick and easy way to calculate your monthly mortgage payments. Simply enter the property price, the amount or percentage of your deposit, the term over which you intend to pay it off and the interest rate.

Mortage Repayment Calculator (UK)


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We’ve compiled a list of the most common questions about mortgages when buying a property. For further expert advice, talk to us.

What is a mortgage? + -

A mortgage is the loan that you take out which is secured against your property that enables you to purchase your home.

The mortgage lender has the option of taking possession of the property and selling it on if the mortgage repayments aren’t made to try and recoup any losses it has suffered.

The lender will charge you 'interest' in return for lending you the money. Therefore over the term of the mortgage you will need to pay the lender interest, and repay the amount you originally borrowed fully before the mortgage ends.

How much can I borrow? + -
Every lender will be different in their approach to what you can borrow and unfortunately there is no set calculation. The actual amount you’re eligible to borrow will be determined by the cost of the property you wish to purchase, the size of deposit you have, your income and affordability (taking into account your monthly financial commitments and any future commitments).
What is a remortgage? + -
This is simply swapping the mortgage you have on your current property for another mortgage with a different lender. You may consider this option if your existing mortgage deal has expired and you wanted to see if a more competitive deal was available. You could also consider this if your circumstances have changed and you want to borrow more. There are many reasons why you would remortgage but this does not involve moving home.
What is conveyancing? + -
Conveyancing refers to the legal work completed by the solicitor or conveyancer you choose when buying or selling a property. It’s important to have either a conveyancer or a solicitor already lined up because as a buyer or a seller, you will need this in place to start and complete your transaction.
How do I prove what income I have? + -

If you are employed, you will need to provide at least your last 3 months payslips as a guide and sometimes your P60.

If you are self employed, the easiest way to prove your income is via SA302s which can be obtained from HMRC. Alternatively at least 2 years' trading accounts may also be acceptable to lenders. Some lenders may have other requirements.

You will also be required to provide your bank statements for the last 3 months. 

If you have any other form of income, eg tax credits, then written evidence from the provider will be required. 

How do I choose the most suitable mortgage for me? + -
One of the most difficult aspects of organising a mortgage is sorting through the hundreds of mortgage deals currently available. Different mortgage schemes will often cater for different needs. To establish what is suitable for you it is important to take into account your current circumstances as well as your priorities and long term plans. We recommend speaking to a mortgage adviser as soon as possible as they will be able to guide you.
How long do I take my mortgage out for? + -
The answer to this is simply down to what you can afford. We would always advise speaking to mortgage adviser to ascertain what term is suitable to your circumstances.
Do I need to pay fees when I get a mortgage? + -

When you obtain a mortgage there are usually fees and charges that are applied such as application fees or product fees. Some fees must be paid before your application; others can be paid after you’ve made your application. Some fees may be able to be added to the total mortgage loan, this would increase both the loan amount and the amount of interest.

What is interest? + -

The interest is the charge made by the lender on the amount you owe. At the start of your mortgage most of your payment will go towards paying the interest. Over time you will start to pay off more of the capital and the balance will reduce quicker.

What is the difference between a Standard Variable Rate and a Tracker Rate? + -

Both of these rates are variable which means that they may change as the Bank of England changes the base rate. A standard variable rate is the lenders normal mortgage rate, ie does not include any discounts or deals. It tends to follow the Bank of England rate, but not exactly. A tracker mortgage is linked to a particular base rate, which it moves up and down with ('tracks'). Two of the most common rates that may be tracked are the Bank of England Base Rate, and LIBOR (London Interbank Offered Rate).

What is an Early Repayment Charge? + -

When you take out a mortgage with an initial deal on an e.g. fixed, tracker or discounted rate basis, should you repay the mortgage in full or part before the deal ends, you usually will have to pay an Early Repayment Charge which, in most cases, is charged as a percentage of the loan. Some mortgages will offer a ‘portability’ option which means that if you move house when you are still tied into your deal, you can ‘port’ the mortgage to the new property and avoid the Early Repayment Charge.

What if I want to rent out my property? + -

In the first instance you should seek permission from your Mortgage Lender. Your lender may increase the interest rate to reflect the change in risk. A mortgage adviser can provide you with advice on your mortgage and insurance options. Remember that you may also need to change the type of building insurance you hold on the property to ensure it is appropriate for this purpose.

What is capital? + -

This is the amount of money being borrowed from your mortgage provider to purchase a property or to remortgage it. Part of your mortgage payment goes towards the repayment of this amount.

What if I lose my job or I am having difficulty paying my mortgage? + -

The first and most important thing to do is contact your lender as soon as possible. Lenders are required to treat borrowers in this position "sympathetically and positively".

Do I need insurances with my mortgage? + -

Your mortgage lender will insist buildings insurance is in place as you move into your new home. Home insurance combines buildings and contents insurance to cover your most valuable asset.


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