|mortgage repayment calculator|
|This calculator gives
you the amount of the monthly repayment on a mortgage where
interest is charged on a monthly basis. A few years ago, changes
to the FSA resulted in all UK mortgage lenders having to offer
mortgages based on this methodology.
This form of calculation also applies to some, but not ALL, personal loans.
Having said this, there remain several different ways in which mortgage repayments can be calculated. The method used here might be described as "typical" but should still only be used as a rough guide. Should a proposed mortgage repayment significantly exceed these figures you should try to establish why with the lender.
Please also note, we are NOT financial advisers. We cannot and will not give you any advice beyond this simple service.
Typically, the cost of an Interest only Mortgage PLUS a suitable low cost Endowment Policy to secure its repayment will be similar to the total costs of a Repayment Mortgage. However, while this can be an excellent form of saving, there is no absolute guarantee that a low cost Endowment will realise enough funds to clear the mortgage at the end of its term.