October 12, 2011

Mortgage Calculator Review

Writing about web page http://www.mortgagecalculator.co.uk/

The mortgage calculator is a basic introduction to how your mortgage is calculated. Whilst particularly useful for first time homeowners, the site is a great tool for anyone with a mortgage that wants to work out exactly how much their mortgage will be costing them each month.

The calculator is easy to use, it’s a simple matter of clicking a few buttons and you have your estimate. However this does have its limitations. The calculator doesn't include cost factors such as initial set up fees or charges. As well as this, valuation costs and the exit fee (that some mortgage lenders charge) are not included in the monthly repayment estimate. Although the site helpfully makes customers aware of the fact that the calculator does not take into account such elements. It also informs customers that mortgage advisors can check these additional costs to ensure you get the best deal, and helpful links are provided such as to the Financial Services Authority.

Once you’ve got the best deal though, the calculator is a great tool to working out your monthly payments (without the additional costs you have to pay initially, of course). It allows you to vary factors such as the interest rate, the amount you wish to borrow and the length of time that you need the mortgage. It then calculates estimated monthly payments on both a repayment basis and an interest only basis. A far more straightforward product than other mortgage calculators that are around, there is no lengthy process to be gone through and you do not have to submit personal information, which puts this site ahead of its rivals.

As well as the mortgage calculator itself, there are some useful pages on mortgages themselves. The ‘mortgage advice’ page gives information on the “best rates today”. The ‘mortgage products’ page provides useful information on both buy to let mortgages and fixed rate ones. The page also provides a handy list of ways to lower monthly repayments and other advice which is tailored to your personal financial situation. As the site makes clear, with the current economic climate many home owners and particularly first time buyers are struggling to attain mortgages compatible with their situation. The calculator may not reduce the size of your mortgage, but it does offer a fast and easy way to work out how much you are likely to be spending each month in your repayments. If you still have questions after using the calculator, the site offers the opportunity for customers to get in touch with any queries or requests for help.

Customers can use the information provided by the mortgage calculator to work out whether your mortgage agreement is giving you a good deal or whether you could push for a better deal. Whether you are confident that you have a good mortgage deal or not, independent advice is important and this site provides information that it produces is crucial for homeowners.

One other great feature of the site: it’s free. So you have nothing to lose, try it out today.

Rozina Sabur

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