One option you have is to Google “mortgage calculator” and take a look at one online. But does this give you the full picture?
For a more accurate indication, a broker or lender can calculate the cost of your mortgage for you. They should make sure that any charges are fully explained including fees involved and any early repayment penalties. The costs will be presented with the total annual cost of your mortgage, which will be shown as a percentage of the loan (Annual Percentage Rate of Charge – APRC) and will include details of any valuation or redemption fees. This APRC demonstrates a more accurate comparison between different mortgage products available as all costs are included. So, rather than simply looking at the interest rate, make sure you are fully aware of how much your mortgage is costing to you, so you can make an informed decision on the best product to suit you.
