Mortgage Calculators
What are mortgage calculators?
A mortgage calculator is often the first step on your journey to owning a property – whether that be your first home or your next buy-to-let.
It’s a tool that gives you an idea of how much you can borrow and the type of deals currently available to you, based on:
- Your income
- Your deposit
- Your outgoings
- Your mortgage term
The calculator will then be able to give you an indication of how much you can borrow and what house prices you can look at. A lot of calculators will also show you what mortgages are available, so you can understand how much you’d be paying each month.
It’s worth remembering that a mortgage calculator isn’t set in stone, as you’ll need to fill in a lot more details about your finances when it comes to organising your mortgage. However, it’s really useful to:
- Give you an idea of the price range you should be looking at
- Help you decide if you’re ready to buy, or if you want to save more
- Give you an idea of how mortgage terms can affect your monthly payments
Buy-to-Let Mortgage
A buy-to-let mortgage is designed to help you purchase a property that you plan to rent out, rather than live in. Most buy-to-let mortgages are interest only, so the monthly repayments only pay off the interest, not the actual amount owed on the mortgage.
If you are looking to get a buy-to-let mortgage, you can check out our guide. Key things to remember are:
- Most lenders expect you to already own your own home (either outright or with a mortgage)
- You will need to have a good credit history, showing the lender that you aren’t already struggling with other repayments
- You need to be earning at least £25,000 a year, otherwise you will struggle to find a lender
If you want to get your very first buy-to-let mortgage, or continue building your portfolio, book a call with our free mortgage advisors.
Calculate your buy-to-let mortgage here
First-Time-Buyer Mortgage
It does what it says on tin! If you have never taken out a mortgage on a property before, you’re a first-time-buyer. Some first-time-buyers may look for a buy-to-let mortgage instead, planning to rent out their property rather than living in, but most are looking for their very first home.
There are many perks to being a first-time-buyer, including:
- No stamp duty to pay if your first home is under £300,000
- Help-to-Buy Equity Loans
- First Home Scheme
- Shared Ownership
If you’re looking to get on the property ladder, book a call with our free mortgage advisors. We understand that the process can be confusing and overwhelming, so we offer completely free and unbiased advice, to help make the process as easy as possible for you (we even do the application paperwork!).
Calculate your first-time-buyer mortgage here
Remortgage
It’s likely you’ll have heard about remortgaging, but you might not be sure what it means. A remortgage is simply moving your current mortgage from one lender to a new lender.
When might you want to do this?
- Your fixed rate is coming to an end and you want to get a better rate
- You want to take advantage of low interest rates
- You want to change from an interest-only mortgage to a repayment mortgage
- You want to release equity from the property
First-time-buyers should be aware of remortgage options, as their first experience of it will likely be when their fixed rate mortgage is coming to an end. They can stay with their current mortgage provider, but it’s likely they’ll get a better deal if they remortgage.
If you’re looking to find a better deal, book a call with our free mortgage advisors. We offer completely free and unbiased advice, to help make the process as easy as possible for you
Calculate your remortgage here
What does Mashroom mortgages offer?
Here at Mashroom, we have access to over 12,000 mortgages from 90 lenders, so we can help you find the right deal for you. Our advice is completely unbiased and – even better! – completely free of charge.
So if you’re new to the world of mortgages – whether you’re a first-time-buyer, looking for your first buy-to-let investment or planning to remortgage for the very first time – we can help you find the right deal and answer any questions you may have.
Book a call with our experts today to get the ball rolling!
