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Mortgage Advisor & Director
Here you will find quick and simple calculators to help you get the answers you need ahead of, or during, the mortgage application process. There are mortgage affordability and repayment calculators on this page along with information about how they work and what to do after you've crunched those numbers.
Mortgage repayment calculator
The calculator below can be used to work out how much the repayments will be on a mortgage based on different interest rates, term lengths and repayment types.
Enter the amount you need to borrow below along with a rate and term, and choose whether you would like results for a capital repayment or interest-only mortgage to get started.
How this calculator works
Our mortgage repayment calculator takes the monetary amount you have entered and works out how much the monthly repayments will be on a mortgage of that size when split over the term length you choose. It can calculate results for capital repayment and interest-only.
As well as serving up monthly repayment calculations, this tool also reveals how much your mortgage will cost you overall; i.e. the amount you will have repaid by the end of the term.
The output also includes a graph and table to show how your mortgage debt will decrease with each passing year, assuming the terms of the agreement stay the same.
What are the benefits of a mortgage repayment calculator?
If you are planning for a mortgage or a remortgage, it’s important to do your homework first and work out how much the debt will cost you, in the immediate term and the long run.
Our mortgage repayment calculator is great for research purposes as you can get the answers to these questions in seconds. Not only that, you can also use it to compare different interest rates and term lengths and plan for different scenarios.
Unlike some of our competitors, we won’t ask you to enter any personal details to use our calculators. Simply enter your mortgage details and away you go.
What types of mortgage can it calculate?
Our mortgage repayment calculator works for the following types of mortgage:
- Residential mortgages: solo applicant and joint
- Self-employed mortgages
- First-time buyer mortgages
- Buy-to-let mortgages
- Commercial mortgages
It will not work for more specialist mortgage products such as:
The way interest is charged on these types of mortgages is specific, so it is recommended that you speak to one of our brokers for bespoke calculations.
Calculations all done? Here are your options now...
Do you have a mortgage calculator that shows how much you can borrow?
Yes. You can use our mortgage affordability calculator below to get a rough idea of this. Simply enter your total household income into the input field to get started:
How this mortgage calculator works
UK mortgage lenders work out the maximum you can borrow based on income multiples. Most will multiply your annual salary by 4.5 to work out what size mortgage to offer you, but a few will stretch to higher than this, offering mortgages of 5-6 times annual income.
This calculator takes the salary amount you have entered and returns results based on the most common income multiples that lenders use. You will need a strong application to access the higher income multiples, with 6 times income typically reserved for professionals in prestigious lines of work such as medicine, law and the emergency services.
What are the benefits of this calculator?
Getting an idea of the amount you can borrow is an important first step on your mortgage journey. If you have got your eye on a property or need to remortgage, doing some affordability calculations is where to begin, and this tool makes it quick and easy.
Not only does it serve you with potential borrowing amounts, our affordability calculator offers context about each income multiple and how difficult they are to obtain.
You don’t need to enter any personal details. Simply input your salary and you’re away!
What types of mortgage can it calculate?
Our affordability calculator is designed to work out the maximum borrowing for most types of residential mortgage borrowing, including:
- First-time buyer mortgages
- Joint mortgages
- Interest-only mortgages
- Remortgages
- Bad credit mortgages
It should not be used to work out the maximum borrowing for:
- Buy-to-let mortgages
- Commercial mortgages
- Self-employed mortgages
- Self-build mortgages
- Later-life lending products, such as equity release
If you are applying for any of the above types of finance, speak to one of our mortgage advisors and they will provide you with bespoke calculations.
What to do after running your calculations
Now that you have a clear idea of the amount you can borrow and how much your mortgage will cost, your next step is to compare rates and deals, which you can do for free on Teito.
As part of the service, you will also be offered a free, no-obligation chat with one of our mortgage brokers, if you need some help. Here are just some of the benefits of using Teito:
- You can access the latest rates from 90+ lenders in seconds
- Our brokers have access to exclusive deals
- We are 5-star rated on leading review websites
- You can secure an agreement in principle in minutes
Ready to compare rates and speak to a broker about your options? Get started here.
FAQs
Yes. Our mortgage calculators are 100% free for you to use. We also don’t charge a fee to serve you with mortgage rates or for your initial consultation with one of our brokers.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.