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Work Out Your Potential Repayments

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Your Monthly Repayments:

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The total amount you can borrow can vary widely from Lender to Lender and the above is purely an indication of the maximum amount available based on your income for illustrative purposes only. The actual amount you can borrow will take other things into account such as credit commitments and the above should only be considered a guide figure.

Mortgage Payments Calculator FAQs

Is the Mortgage Payments Calculator accurate?

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The Mortgage Payments Calculator offers a helpful estimate of your potential monthly payments based on the information you provide, such as loan amount, interest rate, and repayment term.

However, it’s important to remember that this is only a rough estimate. The actual payments can vary depending on factors such as the specific mortgage product, your credit history, and any additional fees or charges applied by the lender.

For a more accurate and tailored calculation, it’s best to speak with one of our mortgage advisors in Cambridge, who can provide personalised advice based on your full financial circumstances.

Do different mortgage types affect my repayments in Cambridge?

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Yes, your mortgage payments can vary depending on the type of mortgage you choose in Cambridge.

For instance, with a fixed-rate mortgage, your payments remain the same throughout the fixed term, offering stability and predictability.

In contrast, a variable-rate mortgage can fluctuate, as payments are influenced by changes in the lender’s standard variable rate (SVR) or other benchmarks, such as the Bank of England base rate.

Interest-only mortgages differ even further, as you’ll only pay the interest each month, with the loan balance being due at the end of the term.

Choosing the right type of mortgage can have a big impact on your payments, so it’s always best to speak to a mortgage broker in Cambridge like us to understand which option is best suited to your needs.

How does the loan term affect my mortgage payments in Cambridge?

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The loan term plays a significant role in determining your monthly mortgage payments in Cambridge.

A longer loan term, such as 30 or 35 years, typically results in lower monthly payments, making the mortgage more affordable in the short term.

However, because you’re spreading the payments over a longer period, you’ll end up paying more interest overall. This can significantly increase the total cost of your mortgage over the life of the loan.

On the other hand, a shorter loan term, such as 15 or 20 years, means higher monthly payments but less interest paid in the long run.

While your monthly payments will be larger, you’ll pay off the mortgage more quickly and save money on interest over time.

For tailored advice on finding the right loan term, it’s best to speak with a mortgage broker in Cambridge like us who can help assess your options based on your financial situation.

Can I reduce my mortgage payments in Cambridge by overpaying?

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Yes, making overpayments on your mortgage can help reduce your monthly payments or shorten your mortgage term, depending on how your lender applies the overpayments.

Some lenders allow you to make overpayments without penalties, which can significantly reduce the amount of interest you pay over time.

By overpaying, you lower the outstanding balance faster, which can lead to smaller payments in the future or allow you to pay off your mortgage earlier.

Before making overpayments, it’s important to check your mortgage agreement or speak with a mortgage broker in Cambridge to understand any potential restrictions or fees.

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