Finding a Mortgage
Finding a mortgage provider and product that fits in with your requirements can be daunting. Interest Rates, Loan to Values and Repayment Periods are all things to take into consideration when deciding one what best meets your needs. Choosing a mortgage product is a confusing time due to the amount available to you. What might initially seem like the best deal in terms of monthly payments may not be the most cost effective product. Our advice is always to seek advice from a qualified financial advisor who will be in the best position to guide you through the products available to you.
High Street Lenders
High Street banks and building societies that offer mortgage products can be worth setting up a meeting with directly to give you an idea of the products on offer from them.
The downside of this is that they will only offer their products and you may miss out on a substantially better product elsewhere.
There are banks that will not deal with intermediaries or brokers so it is worth investigating what products you might be missing out on by going through a mortgage broker.
Using Comparison websites can be a great source of finding your perfect mortgage product.
These websites earn a small commission from the lender that you choose in the same way a broker would do and can get often include lenders that brokers will not use.
As a result, this can be a great way of finding the most suitable product without broker’s fees being applied on top.
You need to be comfortable that you fully understand all the relevant terms involved in choosing a mortgage in order to find the best product for your needs.
Brokers often charge a substantial fee for advice as well as receiving a commission from lenders when a mortgage is taken out.
Brokers are a good source of knowledge as they will be familiar with which deals are the best match for your needs.
You should make sure they are independent and have your best interests at heart when offering you advice on which product to choose.
There are brokers that will not charge an upfront fee and will only receive a commission when the mortgage and other financial products such as insurance are taken out through them.
These commissions should be made clear when taking out a mortgage.
Calculate Mortgage Payments
Help with Calculator
Length of Month - Months are of equal length. However given some months are longer than others interest charged will vary depending upon the month.
Number of Weeks & Fortnights in a Year - One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus each year has 364 days.
Interest Rate - The interest rate is the 'Overall APR for Comparison' The interest applied over each repayment period has been calculated as the nominal interest rate divided by the number of deposit periods.
Timing of Interest Conversion - The calculator assumes that interest is charged to the loan account at the same frequency as the repayments are made. In practice, there may be differences between the timing of the loan repayments and the timing of the interest charges being added to the loan balance.
Interest Rates - The calculator assumes that interest rates will remain the same.
The figures provided by the calculator are a guide only and are not a precise calculation.