Buy to Let
Use this Mortgage Comparison Calculator to compare what you are paying on your current mortgage with that of a new rate, including associated fees.
Select your preferred mortgage product from the drop-down list below, fill in the details and click the ‘Calculate’ button to show monthly cost for Interest only or Repayment loans, and Rent required.
Select the preferred mortgage product from the drop-down list below, fill in the monthly income achievable from the property and the required term of the loan to calculate the maximum borrowing achievable.
Mortgage Protection Guide
As mortgages are such a long-term commitment, some people suffered problems if they were unable to work through illness, accident or redundancy. For this reason, mortgage protection insurance developed.
Mortgage Payment Protection Insurance (MPPI) is not usually compulsory, but it can make good sense for anyone with a mortgage. Good policies will cover interest and repayments on your mortgage loan, and will typically start to pay out after one month away from work through illness or redundancy. (Compare this to the limited State benefits in this situation, which are means-tested, are often not available if you have savings, and might not kick in for up to nine months!)
MPPI policies will usually pay out for 12 or 24 months, which is enough time to most people either to recover their health or find a new job.
However, there are exceptions and exclusions, both in terms of illness and redundancy cover. Most MPPI policies donâ€™t cover stress or back-related injuries, nor previously known medical conditions. They donâ€™t cover you if you resign from your job, take voluntary redundancy or are dismissed through misconduct, or if you cannot work because of an illegal activity. Also, cover wonâ€™t usually apply if youâ€™re made redundant within 60 days of taking out the policy.
How much is it?
If you do decide to buy MPPI, remember that you donâ€™t have to buy it from your mortgage provider. Itâ€™s often cheaper to shop around.
MPPI to cover a ÂŁ700 a month mortgage repayment could cost ÂŁ10 or less a month. However, you should be aware that the very cheap policies will have a longer ‘excess period’, which is how long you need to wait after your illness or redundancy begins before the insurance starts paying out.