Mortgage calculators are extremely useful when you first start looking around for the right remortgage. There are several basic types and you'll find them on practically every lender's website.
You can use a calculator to give you an idea of how much you might be able to borrow based on your current income. This is the simplest form of calculator and only requires the bare minimum of information from you.
The second type of calculator will enable you to see how much your monthly repayments would be based on the amount you wish to borrow at a certain interest rate. As with the first type of calculator, this will only be a rough guide and for more detailed information you would need to speak to a lender or remortgage specialist. By providing them with details about your current financial circumstances they can give you a more accurate picture of what they would be prepared to lend you and at what interest rate.
Finally, there are also calculators available which will give you an idea of the monthly repayments you may be likely to pay by allowing you to compare different mortgage products. Again, any savings you may make will also be affected by redemption penalties and other fees and costs associated with remortgaging. You can easily get an idea of what penalties your current lender will charge just by phoning and asking.
