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Mortgage Calculator

Learn more about how mortgages work?

For the vast majority of people, it’s impossible to buy a home without a mortgage. Getting hundreds of thousands of pounds together to put down as one lump sum is a privilege reserved for very few.

As it stands, it’s as much as most homebuyers can do to scrape together a deposit. The rest has to be borrowed from a bank or building society.  Fortunately, there are hundreds of lenders offering a whole range of different types of mortgages.  Whether you are buying your first home, remortgaging or moving up the property ladder, there should be a home loan suitable for you.

Buying a home is likely to be the biggest purchase you’ll ever make and a mortgage will be your largest debt. Because you can spread the repayments on your home loan over so many years, the amount you’ll pay back every month is more manageable, and affordable!

Traditionally, when people take out their first mortgage, they’ve tended to opt for a 25 year term. However, there are no rules about this and as we are living longer and the retirement age is going up, 30-year mortgages are becoming more common. This can help bring your monthly payments down, but on the flip side you’ll be saddled with the debt for longer.

It’s worth going for the shortest term you can afford – not only will you be mortgage-free sooner but you’ll also save yourself thousands of pounds in interest. And don’t forget, when you remortgage and switch to a new product, you shouldn’t opt for another 25 or 30 year term.

For example, say you take a five-year fixed rate deal as your first mortgage and borrow the money over a 25-year term. When you come to remortgage five-years later, you should aim to take that mortgage out over 20 years.