Whether someone is looking to buy that dream cottage in the Cotswolds or a modern loft-style apartment in the city centre, in the end it comes down to one thing – affordability. And a key part of that is knowing that your mortgage isn’t going to break the bank either now or in the future. Here’s where a mortgage rate calculator can come in handy, such as the one available through Direct Line.
First off, you have to enter some basic information. Are you after a new mortgage or remortgage? What is the property value? How much do you want to borrow and how long would you like to borrow the money over? And would you prefer to repay capital and interest, interest only or a mixture of both?
You will then be given a choice to get a quote for one of Direct Line’s fixed rate mortgages or discount tracker mortgages. There are three fixed rates, over two, three and five years, and two discount trackers available. Pick just one or any combination of all five mortgages and you will be given automatic quotes for both the fixed and discount terms, as well as for the normal term once this period is up.
This gives you a clear idea of what your mortgage payments are going to be both now and ongoing, meaning you can make a considered decision about progressing with your mortgage application, which you can also do online.
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