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Finance Calculators · Speed & Process

The Finance Calculators 100.
Speed & Process

Focus: Timelines, applications, and the legal process.

20+Questions
100%Expert Answers
FCARegulated
How does the table account for changes in the interest rate after the fixed period ends?
TL;DR Understand how loan amortisation tables adjust when your fixed-rate period ends. We explain the transition to the Standard Variable Rate (SVR), recalculation of payments, and impact on your remaining term.
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Does the calculator show the interest saved by using an offset account?
TL;DR We explore if a standard mortgage calculator can accurately show the interest saved by using an offset mortgage account. Learn how offset calculations work and what factors influence your savings potential in the UK.
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Does the calculator include the impact of overpayments alongside offset savings?
TL;DR Understanding how offset mortgages and overpayments interact is complex. Find out if financial calculators can accurately model the combined impact on your UK mortgage savings.
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How does the calculator account for tax benefits of using savings in an offset account?
TL;DR Learn how offset mortgage calculators handle tax benefits. We explain how your marginal tax rate and the Personal Savings Allowance impact the total savings calculation.
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How does the calculator handle varying overpayment amounts each year?
TL;DR Learn exactly how a mortgage calculator tracks varying overpayments, recalculating interest, term, and outstanding principal dynamically. Understand the benefits of flexible repayment strategies.
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Can I simulate stopping overpayments partway through the loan term?
TL;DR Learn how to accurately simulate stopping mortgage or loan overpayments mid-term. We cover online calculators, lender statements, and the implications for your remaining balance and term.
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Does the table include the impact of overpayments?
TL;DR Standard loan illustrations usually show scheduled payments, not the impact of early or extra repayments. Learn how to calculate the benefits of overpayments and what to look for in your loan documentation.
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Can I use the calculator for both interest-only and repayment offset mortgages?
TL;DR Yes, specialized mortgage calculators often handle both interest-only and repayment structures, especially for offset mortgages. Learn how these calculations differ and what data inputs you need for accurate results.
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Does the calculator highlight scenarios where offsetting is most beneficial?
TL;DR Offset mortgage calculators help you compare scenarios to see if linking your savings is financially beneficial. Learn how these tools model interest savings and term reduction.
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Can I see how offsetting affects the loan term and monthly payments?
TL;DR Discover exactly how an offset mortgage works and if you can see how offsetting affects your loan term and monthly payments. We explain the mechanisms and tools available.
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Does the table highlight milestones like reaching 50% LTV?
TL;DR Standard loan statements typically do not explicitly highlight LTV milestones like 50%. Learn how to track your Loan-to-Value ratio and understand when you qualify for better UK mortgage deals.
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How does the budget planner calculate net income before and after repayments?
TL;DR Understand how budget planners calculate your true financial position. Learn to accurately define net income, factor in all debts and expenses, and determine your disposable income after repayments.
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Can I adjust my consolidation loan interest rate to see different scenarios?
TL;DR Want to adjust your consolidation loan interest rate to model different repayment scenarios? Learn how lenders set fixed rates, the role of credit scores, and how to use calculators effectively before you commit to a loan.
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Does the budget planner account for irregular income sources like bonuses?
TL;DR Irregular income, such as bonuses or freelance earnings, can complicate budgeting. Learn how modern budget planners handle variable cash flow and volatility to ensure your financial plan remains accurate and achievable in the UK.
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How do I calculate monthly mortgage repayments using the calculator?
TL;DR Learn exactly how to calculate monthly mortgage repayments using a financial calculator. We break down the key inputs: loan amount, interest rate, and term length. Understand how these factors impact your monthly costs.
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Does the calculator highlight whether my deposit meets lender requirements?
TL;DR Financial calculators estimate affordability, but do they check if your deposit meets specific lender criteria? We explain the difference between generic calculations and formal applications.
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How does the calculator treat irregular income sources like freelance work?
TL;DR Discover how loan and mortgage calculators handle irregular income sources like freelance work. We explain the averaging methods, documentation required, and key challenges.
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How is stamp duty calculated for a first-time buyer?
TL;DR Learn how Stamp Duty Land Tax (SDLT) is calculated specifically for first-time buyers in the UK. We explain the current relief thresholds, rates, and criteria needed to qualify for the exemption when purchasing your first home.
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Does the calculator include an option for remortgaging scenarios?
TL;DR When using a financial tool, does the calculator include an option for remortgaging scenarios? Learn which features are essential for accurately modelling remortgage costs, comparing interest rates, and calculating potential equity withdrawal in t…
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Can I see the impact of a larger deposit on my LTV ratio?
TL;DR Understand how increasing your deposit affects your Loan-to-Value (LTV) ratio. Learn to calculate LTV, explore scenarios, and see the benefits of lower risk for lenders.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk