Useful mortgage tools

Using this tool

You’ll need to know the outstanding balance, repayment type (interest only, part & part or capital & interest), current interest rate and remaining term of your mortgage.

Find out how to see up to date information about your mortgage.

If your mortgage has sub-accounts with different interest rates, repayment types or outstanding terms, you’ll need to enter details for each sub-account separately into the calculator.

Understanding the results

Our calculator shows how your monthly payments and the total amount payable over your remaining term could alter if your interest rate changes.

The results you’ll see are based on the information you enter for your current balance, interest rate and remaining term – plus the new interest rate you want to compare.

Our calculator uses a simple method to determine the amount of interest you’ll pay as part of your monthly payment, by dividing the total amount of interest you’ll pay over a full year into 12 equal monthly amounts.

Since interest on your mortgage may be calculated differently (such as on a daily basis), then the actual change in your monthly payments and total amount payable after an interest rate change may differ slightly to the figures shown in the calculator.

Our calculator also makes several other assumptions about your mortgage, including:

• You make your standard monthly payment every month over the full remaining term.
• There is no further change to your interest rate over the full remaining term.
• There are no fees or charges added to the balance you owe.
• There are no other changes to your mortgage which would result in a recalculation of your monthly payment (e.g. changes to your remaining term or the repayment type of your mortgage).

This means the results should only be used as a guide.

Read more information about rate rises on the Rate Change Information page of our website. You can also find out more about different types of interest rate here.  

Using this tool

You’ll need to have an idea of the amount you can afford to overpay. You’ll also need to know the outstanding balance, repayment basis (interest only, part & part or capital & interest), current interest rate and remaining term of your mortgage.

Find out how to quickly see up to date information about your mortgage account

If you have a part & part mortgage, or your mortgage has sub-accounts with different repayment types, terms or interest rates, you’ll need to enter overpayment details for each part separately.

Benefits of making overpayments

Overpayments are easy to set up and you won’t be charged any fees by us for making them.

You can make additional payments to reduce your mortgage balance every month or as a one-off lump sum at a particular point.

Each overpayment you make helps reduce your mortgage balance meaning you’ll pay less interest over the term of your mortgage. This may help you to pay off your mortgage earlier or give you more options in the future.

Reducing your balance could also reduce your loan to value ratio (the amount you owe compared to how much your property is worth) which could make it easier for you to remortgage to another lender in the future.

Understanding the results

Our calculator shows how making overpayments on a mortgage reduces the total amount of interest paid and balance owed at the end of the mortgage term.

The results you’ll see are based on the information you have entered for your overpayment amount, current balance, interest rate, type of mortgage and remaining term.

Our calculator uses a simple method to determine the amount of interest you’ll pay on your mortgage, by dividing the total amount of interest you’ll pay over a full year into 12 equal monthly amounts.

Since interest on your mortgage may be calculated differently (such as on a daily basis), then the actual impact of making overpayments on your mortgage may differ slightly to the figures shown in the calculator.

Our calculator also makes several other assumptions, including:

• You make your normal monthly payment every month over the full remaining term of the mortgage.
• You make the same regular monthly overpayment amount (if any) every month over the full remaining term of the mortgage.
• There is no change to your interest rate over the full remaining term of the mortgage.
• There are no fees or charges added to your mortgage.
• There are no other changes to your mortgage which would result in a recalculation of your monthly payment (e.g. changes to your remaining term or a switch to repayment/interest only basis).

Since some of these assumptions may not apply to your mortgage, the results of this calculator are indicative and should only be used as a guide to the impact of overpayments on your mortgage.

Find more information about overpayments – such as how to set them up and maintain them over the term of your mortgage see the making overpayments page of our website.

Using this tool

You’ll need to know your outstanding balance, current interest rate and how long is left on your mortgage. You’ll also need to have an idea of how much of your interest only mortgage you’d like to switch.

Find out how to quickly see up to date information about your mortgage account.

Please note – if your mortgage has multiple sub-accounts, you won’t be able to use the calculator and you’ll need to call us to discuss your situation.

Please note – if you’re a landlord, it’s not possible to switch your existing interest only buy-to-let mortgage to repayment or part & part. Instead, you could consider making overpayments.

Switching to Repayment

With an interest only mortgage, your monthly payments don’t reduce the balance of your loan, so you need to have a plan in place to repay that amount at the end of your term.

With a full repayment mortgage, your monthly payments will be higher because as well as covering the interest you’re charged, they also gradually pay back the amount you originally borrowed. So provided you stay on track with your monthly payments, the amount you borrowed will be completely paid off by the end of the term.

Switching to Part & Part

If a switch to full repayment is unaffordable, you could consider switching just part of your mortgage, which will increase your monthly payments less than if you made a full switch. This is known as a part & part mortgage.

Whilst still reducing your outstanding balance, this leaves an interest only part of your mortgage to be repaid in full at the end of your term, so some further planning would still be needed to cover this.

Consider your remaining term

You may be able to extend your mortgage term when you switch to a full repayment or part & part mortgage. Repaying over a longer term will mean your monthly payments will be lower which could help make a switch more affordable.

However, there are limits to how long a term can be extended and this option won’t be suitable for everyone. By extending your term, you’ll also pay more interest overall so you should carefully consider the impact.

Understanding the results

Our calculator shows the impact of switching to a full repayment or part & part mortgage. It illustrates the changes to your monthly payments and the total amount you’ll pay over the remaining mortgage term, plus the balance you’ll owe at the end of the term. You can also consider the changes following a term extension.

The results you’ll see are based on the information you have entered for your outstanding balance, current interest rate, remaining term, potential extended term and the amount (or percentage) of your mortgage that you’d like to switch.

Our calculator uses a simple method to determine the amount of interest you’ll pay on your mortgage, by dividing the total amount of interest you’ll pay over a full year into 12 equal monthly amounts.

Since interest on your mortgage may be calculated differently (such as on a daily basis), then the actual impact of switching all, or part, of your mortgage to repayment may differ slightly to the figures shown in the calculator.

Our calculator also makes several other assumptions, including:

• You make your standard monthly payment every month over the full remaining term of the mortgage.
• There is no change to your interest rate over the full remaining term of the mortgage.
• There are no fees or charges added to your mortgage.
• There are no other changes to your mortgage which would result in a recalculation of your monthly payment (e.g. changes to your remaining term or any overpayments).
• Since some of these assumptions may not apply to your mortgage, the results of this calculator should only be used as a guide.

Find more information about interest only mortgages on our website – including other repayment options.