Mortgage calculators to help customers
The web-based calculators help users work out how much they would have to repay based on their house price and allow users to input their own presumptions about future price growth, or to compare the monthly and overall cost of having a Partnership Mortgage against just having a traditional repayment mortgage.
They will also help customers who take out the company’s Partnership Mortgages to work out partial and full repayments and the impact of making permanent home improvements, according to Castle Trust.
Research for Castle Trust found that the calculators were a key feature in making Partnership Mortgages even clearer and easier to understand, as users could calculate financial scenarios based on their own individual circumstances.
Castle Trust’s managing director of mortgages, Mike Hughes, said: “A key theme in preparing for our launch has been making our products as simple and as transparent as possible.
“This has included the care we take over the language we use and the steps we have taken to ensure our mortgages will be accompanied by good independent advice, including our CII-accredited adviser training programme.
“Our online calculators, which are free to use, represent another initiative that will ensure customers have as much clear information as possible about our products before making important financial decisions.”