First Time Buyer Mortgage Calculator
If you are thinking about buying your first home, one of the most important initial steps if to work out exactly how much you might be able to borrow.
Before you get carried away browsing estate agents, it’s essential to have a realistic idea of your overall budget and stick to it when considering properties.
You can use our FREE first time buyer mortgage calculator, below, to help you find the best deal for you. Just enter a few simple details about your income, the deposit you have available and the rough value of the property you want to buy – and you can compare over 5,000 top mortgage deals instantly.
Points to consider when choosing your first mortgage
Buying your first property can be both daunting and exciting, and so it’s important to think carefully about the logistics of financing the purchase – after all, buying a home will probably be one of the biggest purchases you will ever make. Some things to think about as you browse through the various mortgage deals available include:
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How big is your deposit? Due to the Government Help to Buy mortgages scheme it is now possible to obtain a mortgage with a deposit of as little as 5% of your chosen property’s value in some cases. It’s a good idea to put down the biggest deposit you can afford without overstretching your finances, as this means that you will have a higher equity stake in the property from the outset, therefore potentially lowering your monthly mortgage repayments
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How much can you realistically afford to repay each month? It can be tempting to overstretch your budget in order to get a dream property, but this could backfire if interest rates rise and you’re no longer able to afford your monthly repayments. Since April 2014, lenders are required to ‘stress-test’ your finances before offering you a mortgage deal, so
To compare top mortgage interest rates and find the best mortgage deals for you, use the mortgage calculator to search over 5,000 mortgage deals based on your personal circumstances.