Begin your financing journey with Mulvale Mortgages. Utilize our mortgage calculator to find the best options tailored to your financial needs.
Mortgages are some of the biggest commitments you’ll make in your financial life. And with all the options, it can be hard to work out what they’ll cost you. Our mortgage calculator can help.
What is a mortgage?
A mortgage is a large loan, typically from a bank or building society, that lets you borrow money to buy a property, like a house, flat or plot of land.
Your property acts as ‘security’ for your mortgage loan, which means that if you don’t keep up with repayments, the lender can sell it to clear the debt.
You repay the borrowed amount, plus interest, over an agreed time. This could be as long as 40 years with some lenders, depending on your age and what you can afford.
What is a mortgage repayment?
A mortgage repayment is the regular payment made by you (the borrower) to the lender (such as a bank) to repay the money you borrowed. This includes any interest charges.
You and the lender will work out when and how much you’ll pay each month when you take out your mortgage.
How do mortgage interest rates work?
When you take out a mortgage loan, the lender charges you interest on the amount you borrow. This interest is a percentage of your loan amount and adds to your monthly mortgage payments.
If your mortgage interest changes, so will your repayments. Use our calculator to check how any change may affect your monthly costs.
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