en

Not yet registered? Create a OverBlog!

Create my blog
Home » Business » Content on demand » Banking »

How to use a Nationwide mortgage calculator

How to use a Nationwide mortgage calculator

Asa Ghaffar Asa Ghaffar

Mortgage lenders offer new and existing customers a wide variety of deals. However, you need to use a home mortgage calculator to determine how much you can afford to borrow. Applying for first mortgages is often a worrying time but, changing the principal and term of the loan, enables you to determine how much you can comfortably afford to borrow.

How to use a Nationwide mortgage calculator

Type of borrower
You will need to select whether you are a first-time buyer or getting a remortgage. If you are an existing customer, you will need to let them know whether you are moving, borrowing additional money or a current deal has come to an end. This will help the system to create a list of the most appropriate Nationwide cheap mortgage deals which are most suitable for your needs. Property value and mortgage
You will need to provide Nationwide with the value of your property. If an estate agent or surveyor has not valued your home, it is advisable to get a valuation. You are also required to decide how much you need to borrow and whether this is possible. Since the credit crisis, customers are not currently able to borrow more than 85% of their property's value. The lower the LTV, the wider the variety of deals you will be able to get. Suitable home mortgage loans
The property valuation, coupled with the size of the mortgage you require, will enable them to determine which Nationwide mortgages you are eligible to. This is based on the Loan-to-Value (LTV) figure. For example, if your property is worth £200,000 and you need to get a £100,000 remortgage, your LTV is 50%. You will be eligible for a wide variety of deals.

Tracker versus fixed-rate mortgages

Base rate tracker mortgages are most beneficial to a homeowner when it is anticipated that interest rates are low or about to fall. Conversely, if you think that rates are likely to go up, the best mortgage offers are likely to be fixed for a certain number of years. This ensures that you know how much you will have to pay the lender each month for a defined period of time. Fixed rate mortgages are by far the most popular choice of loan because they provide certainty for families who are trying to get by on a fixed income.

Same category articles Banking

Mortgages with bad credit: What do I need to get a loan?

Mortgages with bad credit: what do i need to get a loan?

If you have bad credit, it can really be difficult to get a mortgage loan. fortunately, there are a lot of lenders who are willing to give home loans to people with bad credit. there are many things that you can do to have your loan approved even if you have got bad credit. you do not need a counsellor or professional helper to do it, you can actually do it on your own.
More from category » Banking
A guide to finding government grants for small businesses in the UK

A guide to finding government grants for small businesses in the uk

Although the ability of the uk government to give grants to businesses is limited by the european union (eu) rules on state aid, grants are available for research and development by small and medium enterprises (smes) in various categories.
More from category » Banking
How to improve your credit rating

How to improve your credit rating

Fixing your credit rating is something that can be done easily although many people think that it is impossible. there are many things that you can do to improve your credit rating and the first thing you may need to do is making sure that you pay all your creditors well on time. you want to make sure that your credit score goes up to as high as 740 at the end of the day. this article provides a guide to improving one's credit rating.
More from category » Banking
Bank fraud: The facts

Bank fraud: the facts

Bank fraud is defined an attempt to obtain money or property from a financial institution (such as a retail bank) or to fraudulently claim to be the representative of a financial institution. bank fraud is widely regarded as a criminal act but is a distinctively different type of offence compared to bank robbery, which does not necessarily involve a fraud. this article gives an overview of the facts as regards to bank fraud.
More from category » Banking