Wednesday, 1st October 2014

The Halifax mortgage calculator: Your first step on the property ladder?

halifax.jpgCommercial Feature

At Halifax, we offer a wide selection of mortgages which allow our customers to get a foot on the property ladder – or even move up it.

 

The first thing you’ll need to consider is the size of the deposit you’ll need for your new property. This is often at least 10 per cent of the overall value of the property, so you’ll need to start thinking about how you’ll get this together well in advance of finding the mortgage or home itself. However, once you’ve started to get your target amount together, we have a range of tools to help you decide the best options available to you.

 

How do we do this? Halifax mortgage calculator is just one way we can help to find a mortgage which is perfectly suited to your needs. All you need to do is answer some basic questions so we know exactly what you’re looking for. You’ll need to have some  information to hand before you use the tool – such as the value of the property you’re looking at, how much you need to borrow, and the type of borrower you are (for example, first time buyer or home mover). You should also start thinking about how long you plan to spend paying off the mortgage.

 

Choosing between a tracker or fixed rate mortgage is one of the first things you’ll need to do while using the mortgage calculator. To help you decide, the tool outlines the differences between the two - although you can find out more details by getting in touch with us directly, either over the phone or in your local branch with one of our mortgage experts. You should choose between the two based on the changes to the interest rate you’d prefer. With a fixed rate mortgage, the interest rate won’t change for a specific period of time. On the other hand, if you’d prefer your repayments to be based on the Bank of England bank rate, a tracker could be the best option for you.

 

Once you’ve answered all of the mortgage calculator’s questions, you’ll be given a range of mortgage options, tailored to the details you’ve inputted. Now you’ll be able to compare the various features, such as monthly repayments, of these mortgages to help determine which is best for you. You’re welcome to use the calculator as many times as you like – and don’t forget that we’ll be happy to offer further advice over the phone or in branch.