Mortgage calculator - the First Time Buyer friend

Posted on 27 August 2008 by Drew

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Another of my not so mortgage savvy friends was wondering where on earth he should start his home ownership career when it comes to knowing what his mortgage options were. Like the good friend he is, he didn’t think that I would want the hassle of doing it all for him (depends what mood I am in). I told him that the nest place to start is with mortgage calculators like our very own at Charcol. A good suite of mortgage calculators offers all types of borrowers, not just first time buyers, the abaility to start the mortgage process with some knowledge, albeit fairly generic knowledge.

Our own mortgage calculators offer not only the chance to see what you can potentially borrow, they also show you how much it is likely to cost each and every month. As well as this, other mortgage calculators show how much you can save by remortgaging and what you could hope to knock off your mortgage term if you overpay.

Finally, the What Mortgage calculator guides you through a few questions to offer the best type of mortgage – be that a fixed, tracker, discount or even offset.

Psychologically speaking, I believe it is always best to approach things with a degree of knowledge – you feel more confident about it and do not allow yourself to get lost in new terminology and jargon that can be all too apparent, particularly in much of the mortgage market. Of course, when you have given yourself and idea of what you can and cannot do, it always pays to ask the experts…

Categories: Mortgages, Interest rates, First time buyers

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