First Mortgage Trust have developed a number of diverse
calculators over the years not only to improve the quality
of their clients online experience but also in response
to client, consumer and third party requests. Among the
calculators are Mortgage Payment Protection, Bridging
Loans, Secured Loans, Buy To Let Rental and Mortgage Calculator,
Affordability and budget, How much can I borrow, monthly
mortgage payments for both interest only and repayment,
flexible mortgage calculator and three conveyancing calculators
for purchase, sale and purchase and remortgage.
The benefit of online mortgage related calculators are
many and varied. First Mortgage Trust's extensive collection
of online calculators allow client retention and leaves
them in complete control. not only to compare current
outgoings but also for anticipated costs and savings.
Every cost associated with selling, purchasing and remortgaging
is available and for the client to interact with. Mortgage
calculators help to create a sticky website.
Calculators are of benefit to solicitors, Independent
Financial Advisers, mortgage brokers and those involved
in residential and commercial real Estate. The calculators
can be used both online and offline for ease of reference
to professionals. Other benefits are client and consumer
retention as website visitors no longer have to leave
a professionals site to confirm or check figures.
For Financial services web designers, webmasters and
search engine optimization this becomes invaluable keyword
rich content and is an essential must have for any associated
site. With around 500,000 searches every month in the
US & UK for 'mortgage calculator' this confirms the
demand for information required by online clients.
First Mortgage Trust's conveyancing purchase and sale
& purchase calculators include a database of approximately
three hundred and seventy local authority search fees.
First Mortgage Trust update this database annually. Although
local search indemnity insurance is now popular amongst
conveyancing solicitors it must be remembered that not
all lenders will allow this and may well insist on a local
authority search. Clients can also work out stamp duty,
another substantial cost in the home buying process along
with many other functions.
With the ever changing landscape of lending and underwriting
criteria it is important that the consumer have calculators
available to them. Many lenders have now increased income
multiples to as much as 5.6 joint for high credit score,
high earners. Before a client proceeds with a mortgage
it is important that they have an idea of borrowing capacity,
after establishing borrowing capacity they can further
confirm monthly figures to confirm affordability.
It is also important that any calculator placed on a
financial services website not only carries disclaimers
but also keeps pace and reflects changes with legislation
from a regulatory perspective. The Financial Services
Authority have expressed some concern over the self certification
mortgage. A non status mortgage whereby income is not
verified by the lender. Therefore a mortgage budget and
affordability calculator is essential along with hints
as to why the consumer is self certifying their income,
this is in accordance with responsible lending practices.
With rising property prices diminishing rental yields
a buy to let mortgage and rental calculator also proves
exceptionally popular. Where the amount of mortgage available
can be reduced substantially by a valuers comments or
rental assessment it is important that the client is forearmed.
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