Mortgage Repayment Calculator FAQs

Is the mortgage calculator accurate?

Our mortgage calculator gives a helpful estimate of your potential monthly payments based on your mortgage amount, interest rate and term length.

However, the accuracy of the calculator can vary depending on the accuracy of the information provided.

While a calculator is a great starting point, for precise figures it’s always best to speak to a mortgage advisor who can take all factors into account and tailor advice to your specific circumstances.

How do interest-rates affect my mortgage payments?

Interest rates play a key role in determining the cost of your monthly mortgage payments.

When interest rates are low, your payments are likely to be lower as more of your payment goes towards paying off the capital.

However, if interest rates rise, your monthly payments will increase, as a larger portion will go towards covering the interest.

Whether you have a fixed-rate or variable-rate mortgage will also impact how sensitive your payments are to changes in interest rates. A fixed-rate mortgage offers stability by keeping payments the same, while a variable-rate mortgage can fluctuate with market conditions.

If you’re uncertain, speaking with a mortgage broker like us can help you understand how future interest rate changes might affect your budget.

How is my loan value over time worked out?

Your loan value decreases over time as you make your monthly mortgage payments, with each payment contributing towards both the interest and the loan balance (the principal).

The speed at which the loan decreases depends on the type of mortgage you have. With a repayment mortgage, each payment gradually reduces both the interest owed and the principal, so your loan balance decreases steadily.

With an interest-only mortgage, you’re only paying the interest each month, meaning the loan balance remains unchanged until you repay the capital in full at the end of the term.

How much can I borrow for a mortgage?

The amount you can borrow depends on several factors, including your income, outgoings, credit history, and the size of your deposit.

Lenders often use a multiple of your annual salary (typically around 4 to 4.5 times your income) as a guide, but they will also assess your affordability based on your monthly expenses and financial commitments.

For a quick and personalised estimate, you can use our How Much Can I Borrow Calculator to get an idea of your potential borrowing capacity.

For more detailed advice tailored to your situation, speaking to a mortgage broker is always a smart next step.

Should I use a mortgage broker?

Using a mortgage broker can make a significant difference when navigating the mortgage process. Brokers have access to a wide range of lenders and deals that may not be available directly to the public.

They can help you find the most suitable mortgage based on your financial situation and preferences, saving you time and potentially securing better rates.

As a broker, we also handle much of the paperwork and liaise with lenders on your behalf, simplifying the process from start to finish.

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James

Brilliant help from the Moneyman team. Super efficient, super helpful, no question was a stupid question, responsive and overall a brilliant service. As first time buyers, we were unsure on where to start with getting a mortgage but Chris, Paula and...

1 week ago

Sam

Conor and Stacey have been brilliant in helping me as a first time buyer. Always at the end of the phone whenever ive had questions and guided me through the process amazingly.

1 week ago

Miss Shona

Charlie is very professional, punctual and helped me understand everything I needed to know. He made me understand things easier.

2 weeks ago

Scott

Make changing mortgage provider simple. Always there for help and advice Good service

3 weeks ago

Alex

Couldn't be more happy. Very efficient and professional.

3 weeks ago

Anonymous

Prompt and professional service. This is the second time that we've used Hull Moneyman and we'll definitely be giving them a call when it's time to remortgage again. Highly recommended.

3 weeks ago

Melanie

Excellent communication, I felt at ease during our meeting. Very friendly. Explains in detail and asks questions. Would highly recommend

1 month ago

Anonymous

Really helpful and informative. Quickly got what we needed and kept us informed throughout the process. Booked telephone calls around our commitments and responded quickly to emails. Thank you Tom and Jo.

1 month ago

Miss Caroline

This company was recommended to me, the service I have received can only be described as exceptional. Someone who works outside the “normal” working day is so hard to find. Detailed advice and support throughout. I would not hesitate to...

1 month ago

Paul

I would like to give a big thank you to Hullmoneyman especially Malcolm great experience great customer service far the best and his team thank you guys.

2 months ago

Sean

I have used moneyman three times now and have never had it so easy

2 months ago

Paulina

Moneyman we couldn't have made a better choice. Malcolm and Catherine did a great job. We received the service we expected from a mortgage advisor. Fast and easy communication every day of the week. Thank you very much 😊

2 months ago

Anonymous

Very good, fast and efficiency

2 months ago

Wayne

Super fast

2 months ago

Mr Leon

Excellent, easy going, informative, friendly, made understanding mortage terms easier

2 months ago

Anonymous

Daniel has always been incredibly helpful in arranging things for me. He has made my life much easier when looking to remortgage.

2 months ago

Lisa

Hull Moneyman were very helpful.Sorted everything out for me from start to finish. Highly recommend.

2 months ago

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Dan was great during our meeting, gave us lots of info which helped us to decide which product to take.

3 months ago

Anthony

Excellent research by Malcom in finding the most competitive deal. Excellent after sales service by Jo. Thank you both

3 months ago

Demi

Brilliant service as always. This is my second time using Hull Moneyman and I am still super impressed the second time round with the service received.

3 months ago