Mortgage checker? Such a thing?

MummyOf1_2

Hi i was looking to see if there are any websites in which you enter your wage etc to find out what deal you can get, also to break it down to what the monthly payments would be.

Im looking for a first time mortgage and don't know where to start

Thanks

owitemisermusa

Most lenders have calculators on their sites which have sections on wages. Alternatively, try the FSA website: moneymadeclear.com
I think moneysupermarket and possibly L&C have one too.
HTH.

AndrewSmith

Do take the findings of such sites with a pinch of salt though and remember what the purpose of the site is. They have a reputation for setting unrealistic expectations with new borrowers of what they are actually able to get in the real world, and you end up disappointed if you take what they say as read.

Moneysupermarket mortgages for example are nothing more than a lead generation source for life insurance brokers and mortgage brokers. Whatever they may imply they do not employ any advisers or brokers themselves, merely generate leads which they sell through subsiduary companies to fund the running of the main site.

Their calculators are designed to tempt you to input your full details and request further information. These details are then sold on the open market as a lead to the highest bidder via sites such as PAA leads etc. As such these calculators are usually somewhat optomistic as to the actual amount you can realistically borrow.

As a general loose guide they are fine, but no good for exact or specific budgeting as it can vary dramatically from lender to lender and dependent upon your own circumstances which cannot be accounted for within such simple web based calculators.