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This mortgage example illustrates the monthly mortgage repayments on a £550,000.00 Mortgage with different repayment terms (years) to illustrate how changing the amount you pay each month can dramatically reduce the total amount of interest you pay on your mortgage as well as helping you to repay your mortgage over a shorter term and become mortgage free. Not sure how much you can borrow for your new home? Read through this detailed guide which provides clear guidance on how much you can borrow for a mortgage
This mortgage repayment example is based on an annual interest rate of 3.3%. If you would like to produce your own mortgage calculation or comparison, use the mortgage calculator.
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Is the big question, can your finances cover the cost of a £550,000.00 Mortgage? Are you sure you have considered all the costs? If you are increasingly answering 'yes' then it's worth doing the final financial checks, review your monthly household budget (so you are ready to answer all the questions the mortgage advisor will ask and check that you have the deposit covered. See how much it will cost you to move home when buying a property worth £550,000.00
Do you need to calculate how much deposit you will need for a £550,000.00 Mortgage? Try our new Mortgage Deposit Calculator or quick on a deposit percentage below to see an illustration that you can tweak to suit your circumstances
Did you know that we review the UK's leading mortgage providers each month and produce a comparative guide to the best mortgage deals? By collating the latest mortgage deals from each provider, we save you the time and effort of looking for and finding the best mortgage deals. We also provide regular mortgage updates, guides and mortgage news so you can make the right financial decision when choosing a mortgage.
Using an Independent Mortgage Advisor will saves you time and stress and affordability calculations and mortgage comparison can be completed centrally on your behalf. Use a mortgage broker which doesn't charge you fees, so you get the best mortgage deals without the hassle.
A mortgage for £ repaid over years will cost you £ per calendar month and cost you a total of £. This means that during the repayment of your mortgage, you will repay a whopping £ in interest to your mortgage provider, and do they ever give you a free month?
Mortgage affordability and mortgage comparison review from an Independent Mortgage Adviser: Using an Independent Mortgage Adviser will saves you time and stress and affordability calculations and mortgage comparison can be completed centrally on your behalf.
Mortgages and Budgeting: How to prepare for a Mortgage
Understanding Mortgage Lenders: Mortgage lenders take several factors into account before deciding how much they would lend to borrowers. To minimize their risk, lenders perform a detailed analysis on the income and expenses of the borrower.
Understanding the different types of Mortgage: For most people, getting a mortgage is one of the most important financial decisions in their lives. If you go out to seek a mortgage, you will see hundreds of mortgage products.
Understanding Mortgages: For most people, buying a home is one of the biggest investment decisions in their lifetime. Irrespective of their income and savings, buying a home requires a lot of financial resources.
Getting the best Mortgage Deal: For the average homebuyer, it is hard to distinguish the difference between different mortgages. In this article, we look at some steps you need to take before choosing a new mortgage.
Are you thinking of committing to a mortgage? Buying a home is one of the most exciting, times of your life, it is also one of the most stressful. Most people buying a home need to take out a new mortgage or extend an existing mortgage and this can, if not carefully considered and thought through, create huge financial problems in the future. 2022 House prices are ridiculous with house prices expected to increase continually through 2022 into 2023. This can create a huge amount of pressure on young couples and families alike, especially if you are looking for a mortgage for your first home. Being a first time buyer in 2022 is not a good or easy thing, the house price figures are ridiculous and more and more families are committing to mortgages which will leave them little or no cash for living their lives. Is this scaring you? Good, £550,000.00 is a lot of money and we really want you to think seriously about your £550,000.00 mortgage and what it means to your financial future. iCalculator would love to see everyone owning their own homes, it's a great concept and means your retirement is secure and easier. Sadly house prices are not what they were 30 years ago, our parents have enjoyed the boom years, it is the next home buying generation who really have to work for that dream. So, your mortgage. In a nutshell, it is important that you do your financial homework and prepare properly for the biggest financial decision of your life. When preparing for a £550,000.00 mortgage, particularly if you are a first time buyer looking at your first mortgage, we recommend:
Use the free online Mortgage calculator to calculate your monthly repayments, compare Mortgage repayments over different periods and define what is the most affordable option for your financial situation. The Mortgage calculator will provide you a monthly interest repayment over 1 year,2 years,3 years,4 years,5 years, 10 years and compare them to a monthly repayment period of your choosing (so you can create your own mortgage illustration).
WOW: Look at those figures above! The amount of interest you will pay your bank over the period of the loan is outrageous, particularly when we consider what we have done to bail out the banks in our recent history. I know, you have no choice, you need a mortgage but, save what you can, while you can. Use a bigger deposit if you can, repay your mortgage early to save thousands on interest payments. Think about your financial future, when do you really want to pay of that mortgage, the answer should be as soon as possible.
Affordability: Be sure you can really afford to make the Mortgage repayments. Only you really know if you can afford a Mortgage or not and committing to a mortgage which you will struggle to repay will only cause you financial hardship and pain in the future. Remember,
Mortgages: READ THE SMALL PRINT: Your home may be repossessed if you do not keep up your Mortgage repayments (applies to any loan or debt secured on your home).
Shop around: It always pays to shop around and see what deals are available. Most banks and building societies run promotions at various points of the year. Never assume that one lender is better than the other, look for the good deals as they could save you a lot of money.
Check the Interest Rate: The most common mistake that lenders make is not fully reading and understanding their Mortgage interest rates. Make sure that the catchy low interest rate is the one you are getting. Most lenders advertise at low interest rates to get you in the door but you are likely to find that achieving the low rates means borrowing large amounts over long terms, this will mean you repay much more money! Don't be tempted!
Borrow Little, Repay Quickly: The best Mortgage is one repaid quickly. A quick repayment means less interest paid and less stress about your debt.
Don't Lend at All! It's difficult to avoid taking Mortgages in modern society. Modern life is about consumerism and spending. Our grandparents survived and had healthy life's my getting by and enjoying the rare treats. There is a lot to be said for living a simpler life without financial stress. If you can, save. Make that reward or treat worthwhile by making your money work for YOU and not for someone else.