Anyone who is thinking of applying for a mortgage really should do a little homework before they begin the process, otherwise you could end up wasting a lot of time and still not find a mortgage that is suitable for you. Even though the home buying market is beginning to change with the tightening of the lending laws there are still many different types of mortgage available and varying rates that are attached to them. If you are looking for the mortgage that is right for you a mortgage calculator is the answer.

Using a mortgage calculator cuts down the time you could spend scouring the internet and brokers looking for the best mortgage deals around as you simply input your details into it and the calculator does the rest for you. Is this too good to be true? – in short no. These tools are fantastic if you want to be in control of your financial decisions without the pressure from a broker or lender – both who will try to get you to buy the products that they want. Using a mortgage calculator you can work out for yourself which are the better deals and which ones you should steer clear of.

When you use a mortgage calculator you will be asked questions in order to assess your financial situation and mortgage requirements. You will be asked to give your name and the name of anyone else who might be applying jointly with you, the amount you wish to borrow, the term you wish to borrow over, the reason you are applying for a mortgage – i.e. buy to let, owner occupied etc and then you will be required to fill in details of your employment and finances. You must be prepared to be honest when using a calculator as the questions and proof of answers relating to your income and expenditure and credit score will be called upon in the final stages of your mortgage application.

Once you have completed the questions on the mortgage calculator you can then calculate the mortgages that are available, in theory, to you. This is often in the form of a list of lenders that could be right for you based on the information that you have put into the calculator. From there you can browse the list of lenders and do further investigation into what they can offer you and which is the best for yourself.

A mortgage calculator is an invaluable tool if you want to be in the driving seat when you are planning to apply for a mortgage, and it can ensure that you don’t apply for mortgages that don’t fully meet your needs. By doing this yourself you know that you are getting totally independent advice as it is you that will be giving that advice! Mortgage calculators can also be used to determine if you can afford to take out a mortgage that is slightly higher or lower than you planned, simply by altering the amount you wish to borrow in the appropriate box. By doing this you really can weigh up how you could manage financially without the pressure of someone working for a mortgage company trying to persuade you to go with them.

So if you are looking for a mortgage that will suit you and you will be able to afford you really should try out a mortgage calculator. You do need to be aware however that using a mortgage calculator is not an offer of a mortgage and any applications you make will be recorded on your credit score and may be turned down.

Mortgages Products on our marketplace

If you are looking for a mortgage calculator look no further than Go Direct, we offer help on all aspects of getting a mortgage and using our mortgage calculator. If you need any further assistance Jason Jones our dedicated mortgage advisor will be more than happy to help with any queries about using our mortgage calculator that you might have.