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“The co-operative banks mortgage calculator is very...”

written by Janine on 16/01/2004

Good Points
This site is easy to use. They have various calculators to help you find out how much you can apply for and a calculator to work out your regular monthly payments etc. There's a lot of useful information to help you make an informed choice on a product.
There is a facility to apply for the mortgage on the internet.
As they are an ethical bank, they only invest in "ethical companies" e.g they do not invest in cigerette companies or those that test on animals etc.

Bad Points
The Mortgage process can take 8-10 weeks +, so be prepared for the wait!

General Comments
The co-operative banks mortgage calculator is very easy to use, first of all there is a facility to find out how much you can borrow (although the way it is worked out is based on a 95% mortgage), If you have more equity in your house, you may be entitled to a larger income muliple.



Before using the Mortgage calculator to work out your monthly payments, you need to select a product that your interested in, you can then use that rate to insert into the calculator.



The calculator requires you to input your property value, the amount you wish to borrow (weather it is on an intrest only or repayment basis), the term and the rate your interested in.



Once you have put all the information in it will work out the Loan to value of the property, it will tell you what your payments will be on the introductory rate (if the product is variable it may change). It also works out what you will pay on todays standered variable rate after the intro period has ended, and what your final payment will be. On top of all this it works out the total amout payable and the total interest payable. You can use the calculator to then work out how to save money by overpaying, this will then work out the interest and time that could be saved on your mortgage.