2017 Guide: Which Is the Best UK Mortgage Calculator? BBC vs Halifax vs Barclays vs Nationwide
Purchasing a home can be a frustrating process, especially when a mortgage is involved. When making a significant financial investment into a home, understanding the components of a mortgage is crucial.
For most homeowners, mortgages can last anywhere between 10 and 50 years, making that loan into a potentially long-lasting investment.
Understanding how a mortgage loan affects present and future finances can truly make a difference when deciding which mortgage loan is the best choice. This is why most prospective homeowners choose to utilize a UK mortgage calculator.
Using a UK mortgage calculator can offer invaluable insight as to what mortgage options are available for each prospective UK homeowner. Photo courtesy of CSS Heaven.
A UK mortgage calculator can be a very valuable tool. A mortgage calculator can help simplify the process of looking for a mortgage, by quickly and expertly compiling facts and figures that help determine the financial aspects of getting a mortgage.
A UK mortgage calculator will take elements like loan amount, interest rate, loan terms, and property value to determine the overall value of an individual mortgage offer.
There are many mortgage calculators that are available for those looking for a UK mortgage calculator, including the four reviewed in this article.
Comparison Review: BBC vs Halifax vs Barclays vs Nationwide
Click on any of the links below to be taken to the review section of the calculator.
- BBC mortgage calculator
- Halifax mortgage calculator
- Barclays mortgage calculator
- Nationwide mortgage calculator
Many prospective UK homeowners have difficulty pinpointing which UK mortgage calculator is best. Determining whether or not a BBC mortgage calculator or a Barclays mortgage calculator is more efficient than that of a Halifax mortgage calculator or a Nationwide mortgage calculator requires in-depth analysis.
Our review will take a comprehensive look at each one of these mortgage calculators in order to help prospective homeowners determine which UK mortgage calculator is the best choice for them.
BBC Mortgage Calculator Review
As a media outlet, the BBC provides breaking financial news and offers financial guidance, particularly through their BBC mortgage calculator. Photo courtesy of BBC News.
As a staple of UK news and television, the BBC traces its origin as far back as the 1920s. Created by an internationally recognized media outlet, the BBC mortgage calculator can certainly be a useful tool for prospective UK homeowners.
In 2009, the BBC created their own BBC mortgage calculator to help prospective owners find a reliable UK mortgage calculator. Their BBC mortgage calculator is actually split into two sections: the BBC mortgage calculator itself, and the BBC equity calculator.
The BBC mortgage calculator uses the mortgage required, repayment period, and the interest rate to calculate what the monthly interest and mortgage payments will be throughout the life of the loan. The BBC equity calculator uses the current property value and the remaining mortgage in order to calculate the value, or equity, of a home.
The addition of an equity calculator makes the BBC mortgage calculator into a worthwhile option. Its web-friendly construction makes it easy to use and to understand. For those looking for a simple, straightforward UK mortgage calculator, the BBC mortgage calculator certainly fits the bill.
However, the benefit of simplicity can also be seen as a disadvantage to the BBC mortgage calculator. With this mortgage calculator, what you see is truly what you get. The BBC mortgage calculator offers no additional tools to prepare potential homeowners for adjustments like shifts in interest rates, refinancing options, or how overpayment can influence a mortgage over time.
Because it is not directly linked to a specific bank, this particular UK mortgage calculator can only offer estimates for general repayment, which could hinder accuracy for individual mortgage applicants. Due to its user-friendly, simplistic nature, the BBC mortgage calculator may be best used as an initial, exploratory option.
Advantages and Disadvantages of the BBC Mortgage Calculator
While looking at the BBC mortgage calculator in detail, our review found the following advantages:
- Mortgage calculator is easy to use
- Calculator can be applied to any mortgage from any lender
- Equity calculator is also included
Despite the advantages to this particular UK mortgage calculator, there are a few potential disadvantages to the BBC mortgage calculator. These disadvantages are:
- Resulting mortgage estimates are simple, basic representations
- Does not consider additional factors of interest fluctuations or overpayment options
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Halifax Mortgage Calculator Review
A Halifax mortgage calculator uses information to not only help determine mortgage repayment, but also additional options like interest changes and overpayment. Photo courtesy of The Telegraph.
As the UK’s biggest and most popular mortgage lender, Halifax has a long history of providing financial and lending services throughout the UK. Out of a total of 12 ranking spots, Halifax took 5th place in the 2016 British Bank Awards. The popularity of Halifax makes the Halifax mortgage calculator a popular mortgage estimate tool.
In total, the Halifax mortgage calculator actually includes not one, but three available calculating tools. To create the most thorough and inclusive numbers possible, the Halifax UK mortgage calculator includes these tools:
- Standard Halifax mortgage calculator
Before using the actual Halifax mortgage repayment calculator, Halifax requires the entry of the number of applicants, as well as the number of dependents. Both financial dependents and co-applicants have the potential to affect the possible calculation of a UK mortgage calculator.
The standard Halifax mortgage calculator also requires entry of annual income, any additional income, and monthly monetary commitments. These figures are meant to provide a more accurate overview of whether or not a particular mortgage is a feasible option.
In calculating a final number, the Halifax UK mortgage calculator also takes into account property value, initial deposit, and the loan term.
- Mortgage overpayment calculator
This particular Halifax mortgage calculator based upon encouraging mortgage holders to make larger payments on their mortgages, in order to decrease interest. Using the Halifax mortgage repayment calculator for overpayment estimates helps mortgage consumers understand how an overpayment can reduce the interest amount paid over time.
After inserting mortgage and overpayment details — loan amount, interest rate, and desired overpayment amount — the Halifax UK mortgage calculator will provide an illustrated graph to demonstrate how overpayment can affect a loan. Borrowers can clearly see their current mortgage payment against their overpayment and how both compare over the course of a year.
- Rate change calculator
This final Halifax mortgage calculator is the most simple of the three available options for a Halifax mortgage repayment calculator. Mortgage holders can simply enter their mortgage amount, remaining term, current interest rate, and interest rate change to see how their monthly payments can be affected by an adjustment in interest.
As an added benefit, the Halifax UK mortgage calculator for interest rate changes also offers directions on how to use the calculator when dealing with multiple mortgage accounts.
The Halifax mortgage calculator offers increased benefits, as their UK mortgage calculator branches out into repayment and rate change options. This provides a greater understanding of how mortgage repayment may function into the future. As most mortgages last 10-50 years, this can be crucial.
While the rate change calculator and the mortgage overpayment calculator can be used even if prospective homeowners are not looking to use Halifax as a lender, the standard Halifax mortgage calculator is specifically geared to attract new borrowers. As a result, the actual impact of additional factors that the Halifax mortgage calculator requires — like income and dependents — may be misrepresented, depending upon credit check and a full application.
Still, it is entirely possible to use any aspect of the Halifax UK mortgage calculator system without an existing Halifax mortgage.
Advantages and Disadvantages of the Halifax Mortgage Calculator
While looking at the Halifax mortgage calculator in detail, there are a few clear advantages to this particular UK mortgage calculator. The advantages are:
- Three different types of mortgage calculators
- Comprehensive overview of mortgage affordability, including factors like income, expenses, budget, and dependents
- Interactive “Mortgage Summary” function constantly updates mortgage estimates
- Visual display of how selected mortgage overpayment affects interest payments
Despite having a few clear benefits, there will certainly be disadvantages to every UK mortgage calculator. Our review has found these possible disadvantages:
- Results from the Halifax mortgage calculator are meant to attract new borrowers, meaning that a truly accurate estimate only comes through a full mortgage application
- Mortgage overpayment calculator does not take early repayment charges into account
Barclays Mortgage Calculator Review
A Barclays bank mortgage calculator can provide direction for prospective UK homowners who feel overwhelmed with mortgage options. Photo courtesy of The Solicitor Finder.
Their Barclays card was the first all-purpose credit card to be employed by a British bank, marking Barclays as a historically innovative bank. As a leader in mortgage and lending services, Barclays also offers its own Barclays UK mortgage calculator.
The Barclays mortgage calculator is built to help you work through each aspect of your mortgage budget. Using the Barclays bank mortgage calculator means choosing between two different calculator functions:
Putting information into this particular Barclays mortgage calculator function will provide examples of different mortgage types, payment terms, and interest rates. Prospective borrowers are asked to input the reason they are seeking a mortgage, estimated property values, and the desired loan term.
The Barclays UK mortgage calculator will then take your information and link you to a number of available mortgage products that they provide.
This Barclays bank mortgage calculator function allows for a deeper look into personal finances. Prospective borrowers are asked to identify the reason for a mortgage, number of lenders, income, financial commitments, and deposit amount in order to determine how much they could potentially borrow from Barclays.
Aside from these functions, the Barclays UK mortgage calculator also provides important general information regarding their mortgage rates, charges, and legal information. This enhances the value of the Barclays mortgage calculator, as it ultimately works towards increasing awareness and knowledge of the lending process.
Of course, as a primary lender, the Barclays UK mortgage calculator is used as a means to bring in prospective borrowers. This two-part system allows the Barclays mortgage calculator to provide just enough introductory information for prospective homeowners to decide whether a mortgage through Barclays is an affordable option.
Creating the Barclays mortgage calculator as a means to draw in borrowers isn’t necessarily a bad thing.
The great thing about the Barclays mortgages calculator is that it provides easy and quick access to additional mortgage products that loan applicants may not have known about before, like the Family Springboard Mortgage for first-time home buyers.
Advantages and Disadvantages of the Barclays Mortgage Calculator
While looking closely at the Barclays mortgage calculator, there are a few clear advantages. Our review has identified the following advantages to using the Barclays mortgages calculator:
- Automatic links to alternative mortgage products
- Readily available information on rates and charges
Though there are some definite advantages, the Barclays mortgages calculator also has some disadvantages. Our review defines the following elements as potential disadvantages to the Barclays mortgage calculator:
- Mortgage calculators are exclusively designed to illustrate Barclays mortgage rates, terms, and conditions
- Exclusive mortgage rates for existing customers are not factored into the Barclays mortgage calculator
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Nationwide Mortgage Calculator Review
Determining the affordability of a mortgage can be easily accomplished through using the Nationwide mortgage calculator. Photo courtesy of The Mortgage Broker.
With its roots in the late 19th century, Nationwide has continued to put providing credit, housing, and financial lending to those who need them as their top priority. The Nationwide mortgage calculator for UK homeowners is perhaps the most comprehensive calculating system. The mortgage calculator for Nationwide loans is split into an impressive list of 6 different components:
- Mortgage Affordability Calculator
For this section of the Nationwide mortgage calculator, prosepective borrowers are asked to enter financial information in order to determine what amount Nationwide could potentially lend. This section of the mortgage calculator for Nationwide loans includes 7 different sections.
Each section collects financial information like income, credit card, personal loans, monthly travel, and maintenance costs. This particular version of the Nationwide mortgage calculator requires extra time to complete, but promises to provide a thorough overview in return.
- Mortgage Quick Quote Calculator
In comparison to the Mortgage Affordability Calculator, this particular mortgage calculator for Nationwide is rather brief. Composed of only 2 steps, the Nationwide mortgage calculator takes a snapshot view of income, desired loan term, and monthly outgoing funds in order to provide an estimated quote within minutes.
- Mortgage Payment Calculator
The Nationwide mortgage calculator also offers a mortgage payment calculator, a tool which can help determine monthly payments based on loan amount, term, and interest rate. As an additional benefit, potential borrowers have the option to enter in two different sets of data at once, in order to easily make a comparison through the Nationwide mortgage calculator for UK home loans.
- Search for a Mortgage
As a supplement to the three main mortgage calculators, there is an additional version of the Nationwide mortgage calculator system that may prove beneficial to prospective homeowners. Each mortgage calculator for Nationwide mortgages also offers the option to “Search for a Mortgage” instead. This feature allows customers to bypass the mortgage calculator altogether and browse through available Nationwide mortgage products.
- Rate Change Calculator
To assist existing mortgage borrowers who may undergo a rate change, the Nationwide mortgage calculator offers a Rate Change tool. Outstanding balance, repayment type, term, current rate, and adjusted rate are all used to provide guidance on how rate changes affect mortgages.
As an additional benefit, the Nationwide mortgage calculator for UK homeowners with varying rates also includes explanatory information on the Bank of England base rate, and why rates might be adjusted.
- Early Repayment Calculator
This Nationwide mortgage calculator takes early repayment and overpayment into calculation, and estimates whether or not an Early Repayment charge may be incurred.
The Nationwide mortgage calculator for UK lenders is perhaps the most thorough UK mortgage calculator available. Prospective borrowers can rest assured that all aspects of a mortgage will be covered, from current to future loan rates and terms. Of all the calculators surveyed, the Nationwide mortgage calculator most thoroughly considers the long-term affordability of a mortgage.
In order to get the most thorough feedback possible, potential borrowers must be willing to complete the primary Nationwide mortgage calculator, or the Mortgage Affordability Calculator. Going through the list of 7 steps may be a deterrent for most consumers.
Still, the Nationwide mortgage calculator does include a shorter version, or the Quick Quote Calculator, for those who are short on time.
Advantages and Disadvantages of the Nationwide Mortgage Calculator
In closely reviewing the Nationwide mortgage calculator, there are a few advantages that stand out above the competition. Our review lists the following elements as advantages of the mortgage calculator for Nationwide:
- Mortgage calculator is extremely thorough
- Six mortgage calculators available
- Looks at present and future aspects of mortgage affordability
- Mortgage search function allows consumers to view available mortgage products
While there are some clear advantages, each mortgage calculator comes with a few disadvantages, as well. Our review defines the following characteristics of the Nationwide mortgage calculator as potential disadvantages:
- Acquiring the most accurate mortgage calculation can be time-consuming, and potentially overwhelming for first-time homeowners
- Mortgage estimates apply primarily to Nationwide mortgage products
Conclusion: BBC vs Halifax vs Barclays vs Nationwide
Choosing a UK mortgage calculator is an important step towards home ownership.
Photo courtesy of Woodland Ltd.
For potential homeowners, a mortgage calculator is one of the best tools to use as an informative supplement throughout the borrowing process.
The best mortgage calculators offer not only an overview for current lending affordability; they also include estimates for the future, predicting affordability throughout the life of the loan.
Seeking a mortgage can certainly be a stressful process. One of the best methods to decreasing this stress is through finding an accurate and comprehensive mortgage calculator.
Finding the best UK mortgage calculator for your mortgage needs can provide essential information and clarity, creating a streamlined process when looking for a mortgage.
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