The Finance Calculators 100.
The Basics
Focus: Definitions, core concepts, and suitability.
Can I calculate stamp duty for commercial properties?
Can I see the cumulative interest paid at any point in the table?
How does the calculator calculate the LTV ratio?
Can I adjust the loan-to-income ratio in the calculator?
Does the table show the remaining balance after each payment?
Can I see the breakdown of principal and interest for each payment?
How are lump sum payments applied to the outstanding balance?
Does the calculator account for overpayment fees or charges?
How does the calculator show the impact of overpayments on the loan term?
Does the calculator account for additional property purchases?
Does the calculator include any thresholds for responsible lending?
Does the calculator account for additional costs like stamp duty or legal fees?
Does the calculator account for existing debt repayments when calculating affordability?
Can I specify different interest rates for each loan or credit item?
How does the calculator differentiate between income and expenses?
Does the calculator include fees such as arrangement or early repayment charges?
Can this calculator handle multiple scenarios or comparisons simultaneously?
How accurate are the results provided by this calculator?
What inputs are required for this calculator to function effectively?
Can I choose between interest-only and repayment mortgages?
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 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk