How much can I borrow
New rules have altered the way mortgage lenders review mortgage applications.
Affordability is now the lenders’ main concern and will often require details of your employment, your income and your monthly outgoings to support your mortgage application.
Find our mortgage table above that shows best mortgage deals available.
How to calculate mortgage repayments
How much you pay each month will determine which mortgage you take out.
By using our mortgage calculator, you can find out how much you will likely have to pay each month for your mortgage.
To see the best mortgage deals for you, complete the necessary fields in the mortgage calculator by inputting:
- The purpose of your mortgage
- The value of the property
- The amount you wish to borrow
- The type of mortgage you want
- Your preference on capital and interest or interest only mortgage
- The length of mortgage
What is a fixed rate mortgage
Fixed rate mortgages are mortgages that give you the opportunity to secure a fixed rate of interest for an agreed period of time. Typically, lenders will offer a fixed rate period of 2,3,5 or 10 years.
Whilst it may be enticing to get an interest rate fixed for a portion of your mortgage, it should be noted that interest rates will change over the course of your fixed term. This means that a good interest rate today may not be as attractive mid-way through your fixed term.
RBS offer a fixed rate mortgage with competitive interest rates and a variety of loan to value options.
What is a tracker rate mortgage
Tracker mortgages’ interest rates are determined heavily by the Bank of England’s base interest rate, so the amount you pay each month could vary throughout the course of your mortgage. For example, in the event that the Bank of England raise their base rate, then tracker mortgages’ interest will also increase.
Repayment or interest only
Repayment mortgages are mortgages that include both the capital and the interest in their monthly payments. This means that usually the monthly repayments are higher than other mortgages. On the plus-side, repayment mortgages allow you to own the property outright at the end of the mortgage.
Interest only mortgages are mortgages that ask you only to pay the interest on the mortgage. As a result, interest only mortgages are usually cheaper than other mortgages. However, it should be noted that interest only mortgages do not allow you to own the property at the end of the mortgage.
Making overpayments is a sure-fire way of ensuring you pay off you mortgage quickly. Some lenders are flexible and allow you to make overpayments to make significant progress on your mortgage. However, other lenders may levy early repayment fees if overpayments are made. It is important to check with your mortgage provider before making any overpayments.
How do I get a RBS Mortgage?
If you are not sure whether now is the right time to remortgage or whether you can get an interest only deal, then speak to our independent mortgage broker team who will be able to offer impartial advice.
If you want to explore your mortgage options, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.