Easy to Use Mortgage Calculator
Many home buyers put the cart before the horse. They go property shopping then apply for financing. At this point, some actually discover, for the first time, they have credit problems that need attention. They run into terms which they don’t understand, like fixed rate mortgage, discounted rate mortgage, bad credit mortgage, capped rate mortgage, variable rate mortgage, offset mortgage , 100 percent mortgage , cash back mortgage, first time buyer mortgage, self employed mortgage, or arrears mortgages. The first step is to do a monthly payment calculation and the first step in that is to determine a credit score. The best on line site I have found, which lays out information and the process to follow is at Go Direct. http://www.godirect.co.uk/mortgage-repayment-calculator.php There definitions and explanations for all of the mortgage schemes are a click away. Here is a partial list; Self Cert Mortgages, Bad Credit, 95% mortgages, Professional, Lifetime, Portfolio Mortgages, Let to Buy, Self Build, and Council Right to Buy. The website is well laid out and the point format is easy to navigate. There is a mortgage calculator for each individual circumstance. The independent advisors offer free, no obligation guidance through all of the terms and products. In the same way insurance agents and travel agents work for their clients, mortgage consultants search a group of up to 20 lenders to find the best mortgage scheme to suit the situation. Anybody conversant with all of their qualifications and financing needs can use the mortgage calculator as a tool to reach their solution.
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The Go Direct website has compiled a wealth of information. They have an online mortgage product selector for self navigation and/or you can discuss mortgage or remortgage schemes with a professional mortgage advisor. Fixed rate, variable rate, capped rate, discounted rate, tracker rate, cash back, flexible mortgage, offset mortgage, libor mortgage and CAT standard are all fully explained. Mortgages that are unique to the UK, such as council right to buy and shared ownership, are detailed. For those with damaged credit, there is a section with meanings and suggestions. Good definitions of sub prime or non-conforming mortgages help those to know what their options are. There are a wide range of reasons to end up as a sub prime borrower but after 3 years the client of a non-conforming mortgage will write themselves a new credit history. The Go Direct website, in conjunction with the free, no obligation independent adviser aims to narrow down the correct financial product and use the mortgage calculator to assess client affordability, however the website is more than all that. There are step by step plans for home shopping. The First Time Buyer section is in particular filled with useful information. From contacting estate agents to advice on viewing and surveying the property, Go Direct covers the home buying process. They make sure mortgage protection land taxes and other costs are budgeted for.