24 Mortgage Applications.md

# Mortgage Applications

You have been asked to develop a piece of software for a building society offering a range of different low-cost mortgages.

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## Testing

You are required to create the following accounts to allow the system to be tested. All accounts should have the password `p455w0rd`:

1. `customer1`
2. `customer2`
3. `customer3`

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## Stage 1

The first part of the project is to develop a mortgage calculator tool to allow prospective `customers` to figure out which mortgage deal to apply for. Assume a compound interest rate of 3%.

### Part 1

After logging in the `customer` can see a **home screen** list of the various options they have been exploring. Each option should include the following information:

1. The amount they plan to borrow in pounds sterling (rounded up).
2. The deposit they plan to make in pounds sterling (rounded up).
3. The number of years the mortgage will run for.
4. The minimum monthly payment required.
5. The total amount that will be paid (including capital and compound interest) over the duration of the mortgage.

### Part 2

The **home screen** has a button labelled **Add option** which takes the `customer` to an interactive screen that calculates a new mortgage option. When complete they click the **Add** button that returns them to the home screen, adding the new option to the list. They should be asked for the following:

1. The amount they plan to borrow in pounds sterling (rounded up).
2. The deposit they plan to make in pounds sterling (rounded up).
3. The number of years the mortgage will run for.

### Part 3

The Home screen should allow the options to be sorted by one of the following columns:

1. The total amount to be paid.
2. The number of years.

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## Stage 2

Mortgage interest rates vary depending on the level of deposit provided.

1. modify the calculations by using different interest rates depending on the size of the deposit:
    1. 5-9% deposit uses interest rate of 6%.
    2. 10-20% deposit uses interest rate of 4%.
    3. 21-30% deposit uses interest rate of 3%.
    4. 31%+ deposit uses interest rate of 2.3%.
2. The home screen should have a button labelled **Financial data** which takes the user to a screen where they can establish how large a monthly payment they can afford. This data should be saved in their profile. This should ask for:
    1. Their average monthly take home wage.
    2. Fixed monthly outgoings excluding rent or mortgage.
    3. Current monthly rental cost or mortgage.
    4. How much of their wage is currently left at the end of a typical month.
    5. The amount they want to borrow (this becomes the default value when they add options).
    6. The size of their deposit (this becomes the default value when they add options).
3. The morgage calculator developed in stage 1 should now be modified to set a cap on the monthly payments based on the factors above. The page should clearly explain how this was calculated.