Mortgage Calculator

What is a mortgage calculator?

A mortgage calculator is an online tool designed to help calculate the cost of borrowing towards a property. It shows the mortgage required based on the house value and deposit that you input, it then clarifies what the monthly repayments would be depending on the terms of your mortgage.

Especially if you're buying your first home, a mortgage and repayments estimator is a valuable tool in helping you work out what you could potentially afford, guiding you to properties in the right price bracket.

It's an easy way to calculate monthly payments based on the rates from different banks may be offering. It enables a quick comparison of available deals and gives you greater visibility of how interest rates and duration impact how much you can expect to spend, in the short term and overall.

When you are ready to apply for an Agreement in Principle or your actual mortgage, your lender or mortgage broker will review your personal financial circumstances in greater depth. They will then set out the mortgage offers available to you and their costs in detail.

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

£1,438

Mortgage required:

£285,000

Interest rate:

Monthly repayments

£1,438

How do you use our new build mortgage 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 to using our mortgage calculator

1. Enter the house value and deposit
You can either use the slider on the calculator or alternatively type the exact figures in the white boxes to set the house value and your deposit amount. The mortgage required figure will show you how much you need to borrow, while the loan-to-value (LTV) rate indicates how much of your home's value you're borrowing.
2. Experiment with repayment terms
Use the sliding scales to see how the length and interest rate included in your mortgage terms impact your monthly repayments.
3. Examine the details
Once you've filled in the data, you'll have an overview of your potential borrowing costs.

Are mortgages different for new builds?

Mortgages work in the same way for new builds and existing properties. You take out a long-term loan from a lender on the portion remaining after you have put down a deposit, and this loan is secured by the property.

When you buy a new energy efficient Bovis home, you may be eligible for exclusive green mortgage products. These mortgages can offer lower interest rates for homes with an Energy Performance Certificate (EPC) or predicted energy assessment rating of A–C. It’s a way for lenders to reward buyers who choose homes that are better for the environment. As the majority of Bovis homes achieve an A or B rating, a green mortgage could be a great option if you’re purchasing a new build home.

What factors can affect your mortgage?

Mortgage eligibility depends on several factors, including:

How much you want to borrow
The size of your deposit
Your credit score and debt history
Salary and spending habits
Current employment status

Each lender will have individual criteria you must meet, but our mortgage calculator will give you a high-level indicator of how much you could borrow based on their advertised terms.

What schemes support buying new builds?

There are several schemes that you should consider before using our calculator to review the cost of a mortgage. Some are supported by the UK government, and others are arranged through us. These are designed to help buyers get on the property ladder with a smaller deposit.

Shared Ownership

The Shared Ownership scheme enables you to buy a share of your chosen home and pay monthly rent on the remainder.

Deposit Contribution

If you have up to a 10% deposit, we could give you an extra 5% to help you on your way.

Own New

This scheme could help you unlock lower interest rates on your mortgage over a fixed period on your new Bovis home.

First Homes

A government scheme through which you might be able to get a 30% discount if you're buying a new build home as your first property.
Find out more about other ways to move and how they could help you secure your new home sooner. For help, advice and guidance tailored to you, get in touch with our team today.

6 Things to know before applying for a mortgage on a new build

Consider using a specialist Independent Financial Advisor (IFA) with an understanding of the specific processes involved in buying a new build home. We have a panel of IFAs that we can put you in touch with.
Get an Agreement in Principle (AIP) Also known as a Decision in Principle (DIP) or Mortgage in Principle (MIP), these are a written estimation from a mortgage provider indicating how much they prepared to let you borrow. These are not an official mortgage offer but will give you more realistic budget, so you know your borrowing potential from the start.
Save a larger deposit to help access the best interest rates available. While some lenders may be able to offer a mortgage with as low as a 5% deposit, generally the bigger your deposit, the better interest rates you'll be able to access. Use our deposit savings calculator to help you plan for your dream new home.
Focus on maintaining a strong credit score to access the best possible rates from lenders.
Request an extended validity period. Consider whether you may need an extension on your mortgage offer, especially if you don't have a clear completion date for moving in or you are buying off plan. Getting an extension on your mortgage offer may prevent the need to renegotiate the terms.
Declare all developer incentives - we declare any incentives that you have used to your lender on your behalf when you have reserve with us as these affect the loan and must be factored in.

New build mortgage calculator FAQs

How accurate are mortgage calculators?

Our mortgage calculator serves as a high-level indicator to give you an estimate of the amount you could expect to repay monthly based on the basic information you provide.

When you reach out to a lender or a mortgage broker, you'll be required to provide further information about your finances, which could impact how much you can borrow. It's important to confirm the exact terms with a lender before agreeing to a loan.

Can I get a mortgage before the property is finished?

Yes, most lenders will give a mortgage offer on an off-plan property. However, be aware that you may need to start the process from the beginning with a fresh application if the offer expires before the new build is completed. Most mortgage offers are valid for around six months, so if your prospective home isn't set to be built within that timeframe, it's worth requesting an extended validity period.

More ways we can help you move

Deposit Unlock

With Deposit Unlock you could purchase a new Bovis Home up to the value of £750,000 with just a 5% deposit!

How does it work

Home Exchange

Moving house is stressful enough already, so we aim to alleviate some of that stress. With Home Exchange you can have peace of mind knowing that we are your guaranteed buyer.

How does it work

Smooth Move

Smooth Move is our scheme for all existing property owners to save time and money. We deal with the estate agents to sell your home and even pay the estate agents’ fees!

How does it work

Introduce a Friend

Introduce your friends to Bovis Homes and if they buy from us, we’ll give you £2000* to say thank you.

How does it work

Deposit Unlock

With Deposit Unlock you could purchase a new Bovis Home up to the value of £750,000 with just a 5% deposit!

How does it work

Home Exchange

Moving house is stressful enough already, so we aim to alleviate some of that stress. With Home Exchange you can have peace of mind knowing that we are your guaranteed buyer.

How does it work

Smooth Move

Smooth Move is our scheme for all existing property owners to save time and money. We deal with the estate agents to sell your home and even pay the estate agents’ fees!

How does it work

Introduce a Friend

Introduce your friends to Bovis Homes and if they buy from us, we’ll give you £2000* to say thank you.

How does it work

Mortgage Calculator