Mortgage Rate Calculator

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Can you trust the calculators on the mortgage lender sites?

Most of the lender web sites offer a mortgage rate calculator that you can use to work out what you can afford to borrow, but there are big differences between different calculators. In order to trust a lender's own calculator you need to know what kind of calculator you're using.

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When you visit a lender's site, you'll almost certainly see a mortgage rate calculator. Such calculators are very handy, and they range from the simple enter a few basic details and find out how much you can borrow to the more complex, such as The Woolwich's Open Plan offset calculator. The Woolwich's mortgage rate calculator is packed with charts and figures, and it's designed for a very specific purpose: to explain the benefits of combining your mortgage with your current and savings account.

The mortgage rate calculator you should use depends on the information you're looking for. In the case of a standard repayment mortgage calculator it's a fairly simple calculation and the only things you really need to know are how much you can borrow and how much the repayments are likely to be.

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