best-and-worst-of-mortgage-calculators

Why Most Mortgage Calculators Are Rubbish (Including This One)

Hear us out on this…

So if you’re looking at buying a property, you’ve probably had a look at a few mortgage calculators. These are absolutely great for a very rough idea of what you can (or can’t) afford. But like everything, they have their downfalls and these flaws just happen to be pretty important if you’re looking into actually buying a home.

Why Use A Mortgage Calculator?

You might find a mortgage calculator handy if: –

  • You’re looking for a ballpark figure of what you might be able to afford.
  • You’re getting an idea of what you’re looking at before you speak to an advisor.
  • You’re looking for how much you’d need to afford those £10,000,000 houses on Rightmove 🤑

What It Doesn’t Tell You…

It is not (and we can’t stress this enough) an accurate picture of the current market.

When you decide to proceed, we always recommend that you speak to an advisor because you’ll find that most calculators you do yourself won’t take the following into account: –

  • Your income
  • Mortgage product availability
  • The current interest rate
  • Any additional benefits you may get
  • Children or family commitments
  • Specialist Schemes (Like Help-To-Buy)
  • Any debts such as defaults, CCJs or IVA
  • Specialist circumstances like self-employment
  • Joint or sole applicant
  • Finance on things like cars
  • Your credit score
  • + loads more.

And it’s no surprise – the formula for that would be impossible!

Which is why mortgage advisors, like our whole-of-market partner brokers, are invaluable in this process (and why we help thousands of people every year!)

So, let’s take the next step…

Realistically, these calculators aren’t much use. We can match you with an advisor for free that can take you through the whole process, including that initial in-depth calculation phase where they work out what you can afford and which lenders work for you. They also take into account all the other factors that impact your application (we’ll have matched you with a specialist in your situation after all).