Mortgage Calculator

Before you even look into buying a property you should use a repayment mortgage calculator to see how much you can borrow, how long your repayment terms will be and how much you will be looking at paying back each month. Using a mortgage calculator UK site will give you some of the best deals out there and whether you use a buy to let mortgage calculator or interest only mortgage calculator to work out which kind of mortgage to go for, you should be able to find something that works with your monthly income.
It is possible, though, that during the repayment term you will have a period where you cannot afford the amount you are due to pay monthly and there are a number of options out there for you should this become the case.
Firstly, you can always remortgage your property, finding a more competitive deal with another lender, based on their standard variable rate. You should take into account that a good introductory deal can sway you to switching but it will not last the entire period of the mortgage, meaning you may have to remortgage again. You will also be liable for all of the fees and arrangements necessary to remortgage so should be prepared to swallow that cost.
You can also extend your mortgage term, which will bring down the monthly cost of repayments depending on how long you extend the term by. In this case you should opt for a flexible mortgage which allows you to overpay if you want to. This will allow you to bring down the amount of time you are paying back the mortgage once you get back on your feet or if you have any extra cash. Bear in mind that extending the mortgage repayment term will bring down your monthly repayment but will also cost you more in the long run, so it is worth negotiating with your lender to make sure you will be able to shorten the term again if necessary.
You could also switch to an interest only mortgage which will bring down your monthly repayment drastically. Again, this option is best considered as a temporary option until you get back on your feet and you should make sure you will be able to switch back, as interest only mortgages are exactly what they seem like – leaving you just paying off the interest and not the actual loan which will need to be paid off once the mortgage matures.

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