You probably have used a mortgage calculator before, probably when you first brought your home and needed to see if you could afford it, most lenders have a mortgage calculator on their websites, I have personally used NatWest, Royal Bank of Scotland (RBS) Halifax and Abbey’s, although the mortgage repayment calculators come pretty standard on the majority of lenders sites as well as the majority of Estate Agents sites.

But with Central banks and the Bank of England cutting their key lending rates more frequently at the moment, you can use the Mortgage Calculator to work out your new monthly mortgage repayment if your lender does do what the government had urged all banks to do and pass on the rate cut.

With the Bank of England Monetary Policy Committee looking likely to cut the base interest rate again tomorrow, you may want to keep your mortgage repayment calculator bookmarked ready. It’s a pretty simple process, you just type in the about you would like to borrow, then tap in the value of the property you are buying, for how long you wish the mortgage term, how much deposit or equity you have and if you would prefer to pay the mortgage on an interest only basis or a repayment. The Mortgage Calculator will then let you know your monthly repayment.

If you are looking to calculate your mortgage costs ahead of the possible Bank of England rate cut tomorrow. We have listed several website where you can find a mortgage calculator so you can fill in all your relevant details and then the mortgage calculator will let you know what your new monthly repayments will be.

NatWest, alliance & Leicester, Halifax, Abbey and Bank of Scotland all have a mortgage calculator on their main website. If the Bank of England reduced the rate as expected, many banks have said they will pass on the full rate cut to existing customers on tracker or variable rates by reducing their standard variable rate (SVR), Lloyds TSB have said they will pass the full rate cut on.

All you have to do is put the details into the mortgage repayment calculator, it will ask you for the property value, how much deposit or equity you have, how long you wish the mortgage term and the interest rate you will be paying, then just tap in if you wish for it to be an interest only mortgage or repayment and the mortgage calculator will then show you your monthly mortgage repayment costs.