• Transfer Mortgage
• Remortgage Quote
• Mortgage Quote

Loan Calculator
Amount Needed:	£1000 £1500 £2000 £2500 £3000 £3500 £4000 £4500 £5000 £5500 £6000 £6500 £7000 £7500 £8000 £8500 £9000 £9500 £10000 £10500 £11000 £11500 £12000 £12500 £13000 £13500 £14000 £14500 £15000 £15500 £16000 £16500 £17000 £17500 £18000 £18500 £19000 £19500 £20000 £20500 £21000 £21500 £22000 £22500 £23000 £23500 £24000 £24500 £25000 £25500 £26000 £26500 £27000 £27500 £28000 £28500 £29000 £29500 £30000 £30500 £31000 £31500 £32000 £32500 £33000 £33500 £34000 £34500 £35000 £35500 £36000 £36500 £37000 £37500 £38000 £38500 £39000 £39500 £40000 £40500 £41000 £41500 £42000 £42500 £43000 £43500 £44000 £44500 £45000 £45500 £46000 £46500 £47000 £47500 £48000 £48500 £49000 £49500 £50000 £50500 £51000 £51500 £52000 £52500 £53000 £53500 £54000 £54500 £55000 £55500 £56000 £56500 £57000 £57500 £58000 £58500 £59000 £59500 £60000 £60500 £61000 £61500 £62000 £62500 £63000 £63500 £64000 £64500 £65000 £65500 £66000 £66500 £67000 £67500 £68000 £68500 £69000 £69500 £70000 £70500 £71000 £71500 £72000 £72500 £73000 £73500 £74000 £74500 £75000 £75500 £76000 £76500 £77000 £77500 £78000 £78500 £79000 £79500 £80000 £80500 £81000 £81500 £82000 £82500 £83000 £83500 £84000 £84500 £85000 £85500 £86000 £86500 £87000 £87500 £88000 £88500 £89000 £89500 £90000 £90500 £91000 £91500 £92000 £92500 £93000 £93500 £94000 £94500 £95000 £95500 £96000 £96500 £97000 £97500 £98000 £98500 £99000 £99500 £100000
Loan Term:	1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years
Interest Rate (APR):	5% 5.2% 5.4% 5.6% 5.8% 6% 6.2% 6.4% 6.6% 6.8% 7% 7.2% 7.4% 7.6% 7.8% 8% 8.2% 8.4% 8.6% 8.8% 9% 9.2% 9.4% 9.6% 9.8% 10% 10.2% 10.4% 10.6% 10.8% 11% 11.2% 11.4% 11.6% 11.8% 12% 12.2% 12.4% 12.6% 12.8% 13% 13.2% 13.4% 13.6% 13.8% 14% 14.2% 14.4% 14.6% 14.8% 15%
Monthly Payment:

• Types of Mortgage
• Mortgage Exit Administration Fee

Types of Mortgage Available

There is an ever-increasing range of mortgages available in today's property world. It can be hard to ascertain which will be the best mortgage to apply for and accept. It can vary at different periods of your life too. Whilst a fixed rate mortgage may be the best bet for the first 2 years as a first time buyer, you may find an offset mortgage may prove to be more beneficial later on in life, say if you have a windfall, or get a better job.

Either way, a mortgage is an investment and as such, you should re-evaluate frequently to ensure you are getting the best deal and not overpaying. You may find just taking out 2 hours of your day may save you hundreds of pounds, even thousands if it turns out you can pay off your mortgage years earlier than you originally planned.

Fixed Rate Mortgages

With a fixed rate mortgage you are ensured of paying the same repayment each month for a set length of the time. This period of time could be the lifetime of the mortgage or a set promotional of between 1 and 5 years. Fixed rates are often the best answer for first-time buyers or those on a tight budget, as you know exactly how much you will be paying each month.

Variable Rate Mortgages

The interest rate you pay on your mortgage will vary throughout the lifetime of the loan. Every mortgage lender will have a standard variable rate the use. This often sits at about 2% higher than the base interest rate set each month by the Bank of England. Some lenders will alter their rates according to these changes, but some don't and even when they do, it is often much slower to pass onto you, the customer. It can mean you get cheaper interest rates, but by the same token, rates can also increase much higher too, without much notice and can leave some people struggling to make repayments.

Capped Rate Mortgages

Are a mixture of fixed and variable rate mortgages. When you take out a mortgage, you agree to an upper limit of interest you will be charged - called the cap - over a set period of time. If the variable rate falls, you will pay less interest, but you will never pay more interest than the capped rate you agreed too originally. These are not very competitive as you will pay a fee for having the better bits of both deals.

Tracker Mortgages

Base rate or lifetime Tracker mortgages is an interest rate mortgage that tracks the Bank of England's base rate and tracks it, either for a certain period or for the lifetime of the mortgage. For example you can take out a tracker mortgage at plus 0.25% for two years, so if the base rate is 5.25% you will pay 5.5% until the rate changes again. Or you may choose a lifetime tracker, at 1.0% for life. These can be good deals, but at the same time your repayments will change on a monthly basis.

Flexible Mortgages

Flexible mortgages are essentially a normal mortgage but they allow you to repay extra money as and when you have extra cash to knock off the mortgage balance. The important thing is they won't charge you a fee for this as with other mortgage deals. Two of the most common types of flexible mortgages are Current Account and Offset.

These mortgages let you offset your savings against the mortgage balance or if you have no savings, a current account mortgage will be offset against your normal bank account that your salary gets paid into. The general idea with flexible mortgages is to reduce your interest payments in order to cut the amount of time you are repaying your mortgage. They can be a very good choice to transfer your mortgage to (i.e. remortgage).

Interest Only Mortgages

As the name indicates, with this type of mortgage you pay back the interest on a monthly basis. At the same time you need to have a savings and/or investment plan which will profit enough money to enable you to fully pay off your mortgage by the end of the repayment term. This is how the popular endowment mortgages worked a few decades ago. Since the 90s many people with such mortgages have struggled, as they fell way short of the amount of money needed to repay the amount outstanding on the loan. This may be a useful starting mortgage for first time buyers, as monthly repayments are low, however it is important to change this after the first few years.

Repayment Mortgages

Also known as a capital and interest mortgage, your monthly repayments will repay a portion of the interest charged as well as a portion of the actual mortgage amount. So by the time you reach the end of your repayment term, it will all be paid off.