Question 1

What does this mortgage calculator do?

Accepted Answer

This tool will estimate how much a typical mortgage provider may lend you, and the likely cost of your repayments, based on your current income and deposit size. You can also calculate the effect of different interest rates on your repayments.

Question 2

How can I use my mortgage estimate?

Accepted Answer

The mortgage estimate generated by this tool is for your own guidance only. It is not an official mortgage quote. Your mortgage provider will take into account other factors beyond the scope of this calculator, so your actual mortgage offer and repayments may be different. Use your estimate to get a rough idea of how much a particular size of mortgage might cost you per month, so you can judge how affordable it may be for you.

Question 3

What interest rate should I use with this calculator?

Accepted Answer

This tool lets you see how a range of different interest rates might affect your mortgage repayments. It is a good idea to experiment with a variety of interest rates, as these are likely to change over your mortgage term, and you may not always be offered the same rate. Generally, the larger your deposit, the lower the interest rate you are likely to be offered. But never assume you’ll be offered the best rates available. Err on the side of caution and see how you might manage on higher rates.

Question 4

What other ways can I prepare for my mortgage application?

Accepted Answer

A mortgage application will take into account many different factors, so you are not always certain to be offered a mortgage even if your income appears sufficient. You can test the strength of your mortgage application with our Mortgage Fitness Checker.

Question 5

What should I do after using this calculator?

Accepted Answer

If you are ready to start making practical steps towards your mortgage application, your next step should be to contact a mortgage broker. An independent mortgage adviser can maximise your chances of finding the most favourable mortgage deal and achieving a successful application. Search for a mortgage broker.