When it comes to working out your finances before looking for a new home a mortgage calculator can really help.
Speaking to a qualified mortgage adviser is always recommended before making any financial commitment. But there are times when you might want to figure a few things out before exploring your mortgage options. For example, if it’s 6pm on a Sunday, it’s unlikely that any advisers will be available.
That’s when a good mortgage calculator can help. So we’re delighted to announce that The Mortgage Dog can now offer a number of calculators. Our experts have been working hard to offer calculators for a variety of scenarios.
Mortgage Dog calculators
A report shows first-time buyers search for a mortgage calculator before looking for a property. That’s because they want an idea of what they can afford before speaking to a mortgage broker or adviser. So, our Basic Mortgage Calculator can help. We also have calculators to help you work out:
Why use a mortgage calculator?
If you are wondering if you should use a mortgage calculator, then here are a number of benefits.
- Help you know your price range. You might have an idea of your dream home, but can you really afford it? The calculator helps you decide on what you can really afford.
- Figure out your deposit. The deposit you pay will determine what your monthly mortgage repayment costs will be. Using a calculator will help you work out whether you can afford mortgage payments now or whether you need to save more for your ideal deposit.
- Start to budget. If you’re a first-time buyer or looking to upsize (or even downsize) an overview of your finances will help budget better. For example, it can help you work out what Stamp Duty you might be expected to pay. Also, it can help you budget for any overpayments you might want to make to reduce what you owe.
- Get an insight into mortgages. Whether you’re a first-time buyer or have purchased properties previously, a mortgage calculator can help you understand a little more about what is involved in working out payments and the amount you can borrow. Our Basic Mortgage calculator also gives you an insight into what your remaining debt will be over the length of your mortgage.
What to do next
Mortgage calculators essentially give you a ballpark figure or an insight into what you can and cannot afford. But make sure you take advice from a mortgage professional before making any decisions or commitments. If you have inputted the wrong numbers, or don’t quite understand things, you may make a bad decision.
Once you’ve used the calculators, it’s best to speak to an adviser. So, contact one of our team members today once you have used our mortgage calculators.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Daniel Field is the Managing Director of The Mortgage Dog.
