Planning to switch to a bank known for its service? Our first direct mortgage calculator helps you estimate monthly repayments, whether you are a first-time buyer, moving home, or looking to remortgage.
first direct mortgage calculator
first direct mortgage calculator Formula
We use the standard amortization formula to determine monthly repayments, ensuring consistency with major lenders.
Variables
- M: Monthly Repayment.
- P: Mortgage Amount (Property Value – Deposit).
- i: Monthly Interest Rate.
- n: Total number of months (Years * 12).
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What is the First Direct Mortgage Calculator?
The first direct mortgage calculator is designed to help you understand the costs associated with borrowing from First Direct, a bank renowned for its customer service and flexible mortgage products like the Offset Mortgage.
First Direct mortgages often offer unlimited overpayments (on many products), allowing borrowers to reduce their term length and interest costs significantly without penalty.
How to Calculate First Direct Mortgage (Example)
- Value: Enter property value (e.g., 300,000).
- Deposit: Deduct your deposit (e.g., 60,000).
- Rate: Use the current fixed or tracker rate (e.g., 5.29%).
- Term: Select a term (e.g., 25 years) to see your monthly repayment.
Frequently Asked Questions (FAQ)
First Direct offers offset mortgages where your savings balance reduces the interest charged on your mortgage, potentially saving you thousands in interest while keeping your savings accessible.
Yes, First Direct is known for offering unlimited overpayments on many of their daily interest mortgage products, allowing you to pay off your loan faster.
Most lenders, including First Direct, offer terms up to 35 or 40 years, depending on your age and retirement plans.
No, this calculator estimates the monthly capital and interest repayment. Booking fees or product fees are usually paid upfront or added to the loan.