Mortgages FAQs

What should I use the mortgage calculator for?

The Which? compare mortgages tool gives you a good idea of what rates and offers are currently available, but we believe you should seek professional advice before you make a decision - to ensure you've got the right deal for your circumstances.

The results of your Mortgage Finder search may differ slightly from the advice that a mortgage broker will give you, as they will reflect things like availability and affordability in their advice.

The Which? Group offers an independent mortgage advice service that looks at every mortgage from every available lender. You can also find an independent mortgage adviser using the Unbiased website.

Who can use the mortgage calculator?

Everyone, whether you're a first-time buyer looking to get onto the property ladder or a homeowner looking for finance on a new purchase. You can also use the calculator if you're looking to switch your mortgage without moving home.

To find out what your repayments would be at different interest rates, or to see how much you could borrow and work out how much you can afford to spend on a mortgage, take a look at the mortgage calculators offered by Which? Mortgage Advisers.

Will I be eligible for all the mortgages that appear in the search results?

We can't guarantee that you will be eligible for the mortgages – lenders will carry out their own individual checks when you apply. For example, if the property you're buying or remortgaging is of an unusual construction, some lenders may not be willing to lend to you.

Some lenders decide how much they will lend you based on your ability to pay the mortgage rather than income multiples, so these lenders may appear in your results. However, there is no guarantee that you would be able to borrow the amount you entered on the calculator.

What if I don't understand some of the terminology or choices I'm asked to make?

If you're unfamiliar with mortgages or unsure whether to exclude certain types from your search, try keeping it very broad to start off with. You can easily go back and amend elements of your search to narrow it down later. 

There are also help notes throughout the search process so that you can make sense of what you're seeing. Click on the question marks next to questions and terms to read the notes (the notes are at the bottom of the screen if you don't have java script enabled on your computer).

And remember, we have a lot of background information on mortgages in our money advice section.

How do I amend my search?

On the results page you'll see an 'amend search' button. Clicking on this button will take you back to the first step so that you can amend the information you entered previously and re-run the search.

There is also a 'new search' button on the results page. Clicking on this will also take you back to the first step but will clear all the information you previously entered.

How do I move to a previous page within the search?

At the bottom of each page of the search is a 'previous step' button. Clicking on this returns you to the previous page.

You can also use the 'back' button on your browser.

Does the search tell me whether it's worth switching?

The search gives you an indication as to whether it might be worth switching. You can see an estimate of how much you'd save by switching to a particular deal. This figure takes into account the savings you'd make by switching and the costs you'd pay to switch but you should not take the savings figure as exact.

You should seek independent mortgage advice before deciding on which deal to switch to so you ensure that the mortgage you switch to is suitable for your needs. However, many of the best deals are now only available by going directly to the mortgage lender itself and not through mortgage advisers, so make sure you do your own research before visiting an adviser.

In particular you should make sure that you're happy with any early repayment charges attached to the new deal.

I want to switch mortgages and borrow more at the same time, can the calculator help me?

Unfortunately, no. The switching part of the search will give you inaccurate results in this situation. It only works where you want to borrow the same amount as you currently owe on your mortgage.