Mortgage Calculator

There are many factors to buying a home and only one of these is financial. The first step is always to work out how much you can afford, and this should be done before even looking at any properties, to save you wasting time looking at homes you cannot afford.

Using a good offset mortgage calculator can help you work out how much you could save if you tied in your mortgage with your savings (this way often helps you to pay the mortgage off quickly). Find the best mortgage calculator for your needs by looking on comparison websites and reading up on the different types of mortgages to decide which way you want to go. Most of these sites will have a free mortgage calculator which will help you to work out how much you can afford in monthly repayments.

Once you know exactly which kind of mortgage you are going to get and how much money is available to you, don’t start choosing your property before working out exactly what else you will need this money to pay for.

Most mortgage brokers will not complete your mortgage is you have not had your property valued and surveyed, and both of these processes cost money. You will need to pay Stamp Duty, land registry as well as VAT (these costs are unavoidable, and it is worth your while doing your research well in advance to make sure you know what kind of price you are likely to pay). You will need to pay solicitor’s costs during the process of buying your home and once everything has been signed and sealed you will still need extra cash for removal costs and final bills for your last home.

Using a good mortgage calculator can help you to work out what you need to pay out monthly, but do not forget that during the process of buying and moving into a new home you will spend a couple of months seemingly hemorrhaging money and you need to be prepared for this and know you can afford it.

Once this initial process is complete you can use your monthly income to work out how much you will be able to pay on a mortgage, and at this point the process starts to ease somewhat, at which point you can start to relax and enjoy the process of buying a home and making it your own.

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