Mortgage Calculator for New Build Homes

If you’re not sure what you can afford, don’t worry. Thanks to our easy-to-use mortgage calculator, you can find out how much your monthly mortgage repayments could be based on the interest rate and chosen loan period.

In order to get the most accurate results from the mortgage calculator, it's important to consider how much deposit you have available, taking into consideration other property purchase costs.

Once you have worked this out, use the sliding scale to enter this amount and then the value of the property. This will indicate the size of the mortgage which you will require.

How to use our new build mortgage repayment calculator

Based on the mortgage amount you will be borrowing, you can now find out what your monthly repayments will be online. This figure will be prepopulated from the results previously entered but is also dependent upon the number of years the repayment is made and the interest rate. These factors can be amended by moving the sliding scale.

It is worth considering how much repayment you will comfortably be able to afford, so you do not try to stretch your funds too far and make sure your budget allows for other eventualities.

It takes just a few clicks to see how much you can borrow and how much your mortgage might cost.

Step-by-step guide

1. Enter your house value and deposit

The first step is to enter your house value and how much you can afford to pay towards your deposit.

2. Enter your repayment terms

To get an accurate idea of how much you will be paying each month, select over how many years you want to pay off your mortgage. The older you are, the lower the number of years you should select.

You will also need to enter an interest rate. As of July 2021, the average mortgage rate is between 2-3%.

3. Complete!

Now you’ll be left with a figure for your monthly repayments.

Mortgage calculator:

House Value

£300,000

Deposit Amount

£15,000

Mortgage required

£285,000

Loan to value

95%

Typical Monthly Repayments:

Years

Interest Rate

Monthly repayment

£1,352

In order to get the most accurate results from the mortgage calculator, it's important to consider how much deposit you have available, taking into consideration other property purchase costs. Once you have worked this out, use the sliding scale to enter this amount and then the value of the property. This will then indicate the size of the mortgage which you will require.

Work out your typical monthly repayments

Based on the amount mortgage you will be borrowing, you can now find out what your monthly repayments will be. This figure will be prepopulated from the results previously entered, but is also dependent upon the number of years the repayment is made and the interest rate. These factors can be amended by moving the sliding scale.

It is worth considering how much repayment you can comfortably be able to afford, so you do not try to stretch your funds too far and make sure your budget allows for other eventualities.

This calculator is intended as a guide only and does not take into account other fees that you will be accountable for when taking out a mortgage. For advice and guidance you should speak to an independent mortgage broker/advisor, who is authorised to provide financial advice based on your specific circumstances.

Here at Bovis Homes we have a number of ways in which we can help you move into your dream home. Both first-time buyers and existing homeowners can move with just a 5% deposit using the Government-backed Help to Buy - Equity Loan. Alternatively if you have a property to sell, we’ll help you sell your old property quickly by dealing with the estate agents on your behalf, and even pay their fees when your house is sold with our Smooth Move package. Using our Home Exchangescheme will see us buy your property at market value, meaning there are no last minute ‘drop-outs’ and you avoid estate agent fees. We also have exclusive help available for members of the Armed Forces

Mortgage required:

£300,000

Interest rate:

Monthly repayments

£1,352

Use the sliding scale to enter the value of the property and the deposit you have available to calculator the size of the mortgage required. You can also update the interest rate and number of years to calculate typical monthly mortgage repayments.

Expert help and advice from Bovis Homes

Here at Bovis Homes, we have a few ways in which we can help you move into your dream home. First-time buyers can move in with just a 5% deposit using the government-backed Help to Buy scheme.

Alternatively, if you have a property to sell, we’ll help you sell your old property quickly by dealing with the estate agents on your behalf and even pay their fees when your house is sold with our Smooth Move package.

Using our Home Exchange scheme will see us buy your property at market value, meaning there are no last minute ‘drop-outs’ and you avoid estate agent fees. We also have exclusive help available for members of the Armed Forces.

For more help, advice and guidance, get in touch with our team today.

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