iCalculator™ - Mortgage Calculators

If you find the mortgage calculators and guides provided by iCalculator useful we kindly request that you take a second to rate the calculator and or share to your favourite social media. Rating a calculator and sharing helps us to focus our efforts and support for specific tools and resources as well as helping us to keep all our online calculators free for all to use. Rating a calculator or content is simple, just click on the stars below, choose what you feel is an appropriate level and the click submit.

Please provide a rating, it takes seconds and helps us to keep this resource free for all to use

[ 217 Votes ]

Mortgage | Access the best online mortgages

Welcome to iCalculator Mortgages. This section provides dedicated mortgage tools, information, guides and calculators to assist you when reviewing your mortgage options.

The mortgage guides on this page are detailed and contain information about all types of mortgages. By accessing these guides you will be able to:

  • Gain information about the various kinds of mortgages that are being offered in the market today.
  • Choose the right kind of mortgage loan that will serve your needs in the best possible way.
  • Budget your mortgage payments, information about your eligibility, understanding fee structure and detailed cost of borrowing a mortgage.

In order to find out the exact information that you need, all you have to do is choose the right category from the list of categories of mortgage borrowers. The guides are made simple enough so that they can be understood by anyone.

The mortgage guides are divided into five categories, each mortgage category is further equipped with specific guides and tools that can be used according to your needs. We also provide a detailed mortgage examples overview so you can compare mortgages across the market.

Introduction to the concept of mortgages

Mortgages are the loans that you borrow from the bank on the basis of your property. Your reason for taking up a mortgage may be different, but the ultimate goal is the same - borrowing money. Mortgages are mainly offered by the banks, but there is a big chunk of non-banking financial corporations that offer mortgages to borrower.

When you borrow money with a mortgage, you become liable to pay a monthly installment for a predefined period. These loans are considered secured as the a lien is put on the property and the bank or financial corporations gain the power to take hold of the property from the borrower in case of nonpayment. A lien is a right to take possession when a debtor defaults on a debt.

The roots of this financial concept do not go back deep into history, you will be surprised to know that it was only during the 20th century that mortgages came into existence. Mortgages started as a form of insurance during 1930s, it was started by these companies in the hope of gaining the ownership of the houses if the customers failed to keep up with the payments.

Modern day mortgages emerged in 1934and, at that time, was limited to 50% of the property value. Unlike today, when you can get a loan to value (LTV) of up to 80% and sometimes even 90% by putting, 10% or 20% of down payment. 100% LTV mortgages also appear in the market from time to time though less frequently since the financial crash in 2009.

There are many things that are considered before a lender issues you a loan. These include property location, the valuation of property, evaluating your professional profile and your financial credibility are all parts of the underwriting process. The timescale for completing mortgage financial checks can vary from days to weeks to complete.

Borrowing for the first time

If you are new to mortgages and are planning to take a mortgage for the very first time, you have to be aware about many things. Starting with the basic understanding of mortgage loan to knowing your eligibility, and types of mortgage loans that you can borrow from the banks of financial institutions.

Getting to know the best type of mortgage and the mortgage application process will help you understand how much you actually pay and make comparisons among different products in the market. Our mortgage guide for first time borrowers includes all of this information in detail and much more. You can access these guides with the help of the following link:

Budget your mortgage

We cannot overemphasize the importance of knowing how to budget for your mortgage, put simply, you have to have a knowledge of the fees and charges that could occur during the application process. The cost of moving and duties that you will be paying while registering your property will also have to be factors in the total cost.

All these calculations might seem overwhelming, but the good news is, if you have an active internet connection and a smartphone handy, you can take advantage of the mortgage budgeting guides that are placed on this page. These pages will help you steer through the entire process smoothly and can be accessed with the following link:

Time to remortgage?

When you are already running a mortgage but want to opt for a better deal due to interest rate of any other reason, you may remortgage your property. This process will help you pay off your current mortgage with the new mortgage.

If this is your situation, you must compare the market for better options, mainly go for a mortgage which is being offered with a lower rate of interest. However, there are several other factors that you should consider before you start a new application. The remortgage guides on this page could be helpful for you in this situation:

Buying a property to let out to rent

You can buy a house for many reasons, one of them is to buy a house for renting it. Well, if you are taking up a mortgage, this is a clever way of owning a house after some years. Paying the mortgage installments in full or even in part could be a blessing, because at the end of the day, you will own the property.

However, this is not as simple as it sounds, you must consider financial aspects like, how much are you going to pay in interest, how much rent you can expect and several other things. The easiest way to do this is make yourself aware with all these ratios and processes. The buy to let guides and calculators could be useful for you here. These guides can be accessed with the following link:

Mortgage examples with different amount and schedules

Now, do you think the entire process of borrowing a mortgage could become much easier if you have some live examples of the type of mortgage you are about to apply? If your answer is yes, you will be glad to know that we have got it covered for you. The mortgage examples on this page are detailed and will show you the precise calculations of different loan amounts.

The price of your mortgage could vary according to your requirement and your financial situation. The mortgage examples guide covers a wide range of mortgage amounts from £25k to £1 Million. You can view these detailed, example mortgage loan calculations here:

Why use iCalculators Mortgage tools? ICalculator is a completely independent publisher, we do not sell mortgages or financial services so are free to provide independent review and analysis. Our guides and tools are well researched and regularly updated to reflect our community feedback. This enables us to provide relevant mortgage tools which allows you to make an informed financial decision when you choose your first mortgage or remortgage an existing property.