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Everyone who wants to buy their first property or move home probably has a clear idea of what they are looking for – be it postmodern chic, old-world charm or somewhere in between. Of course, the asking price on a property isn’t the only outlay that you will incur when buying somewhere: there are the inevitable solicitor’s fee, survey and search costs as well as the cost of moving and basic redecoration.
And then there is the question of old vs. new. While you might want to buy something traditional or in need of repair, the associated costs can be astronomical. According to a Home Builders Federation study, these are the average costs for upgrading an old home:
With all these additional costs in mind, it makes sense to use an online mortgage calculator like the one available on this website, to check what your mortgage payments are likely to be before you add on the inevitable additional costs.
Simply enter some basic information such as the property value, the mortgage amount and term, and your preferred method of repayment, and you are then given the choice of getting a quote for Direct Line’s fixed-rate mortgages or discount tracker mortgages.
Pick just one or any combination of all five mortgages available and you will be given automatic mortgage 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 in the future, so you can decide whether you are on target or need to rethink your budget.
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