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Use our calculator to work out how overpaying on your interest only mortgage can help reduce your mortgage balance.
The calculator is for illustrative purposes only and is based on some key assumptions, which are shown at the bottom of this page. It should only be used as a guide and provides an indication of both the interest you could save and how much you could reduce your mortgage balance by.
If your mortgage is made up from different parts, then you’ll need to work-out each part separately.
You can find out which interest rates apply to each sub-account via Internet Banking or in your latest mortgage statement from us.
The calculator doesn’t take into consideration any early repayment charges that may apply.
If you haven’t repaid your interest only balance yet or you don’t have enough to repay it in full, we’ll help you understand your next steps.
The sooner you talk to us, the more options you may have.
You need to call us so we can agree a solution with you. Call us on 0345 609 8953. Lines are open Monday to Friday 8am - 8pm and Saturday 8am - 1pm.
Remember these results are based on what you’ve told us and assume you’ve worked out each sub-account separately.
After making ##numberpayments## overpayments of ##overpay-amount##
Your mortgage balance could be
##postbalio##
This amount needs to be repaid in full at the end of your mortgage term.
You will save ##differenceio## in interest charges over the term of your mortgage.
These calculations are based on what you’ve told us and are to be used as a guide only.
Remember these results are based on what you’ve told us and assume you have one interest rate on your mortgage.
With the overpayments you have selected your mortgage balance will be cleared after ##monthstoclear##
Your mortgage balance could be
##postbalio##
You will save ##differenceio## in interest charges over the term of your mortgage.
These calculations are based on what you’ve told us and are to be used as a guide only.
Overpayments on interest only parts of your mortgage won’t automatically reduce your monthly mortgage payment, unless you ask us to, but could save you money by reducing the amount of interest charged. When the next monthly payment recalculation happens, for example at an interest rate change, your monthly payment will be re-calculated using the remaining term and mortgage balance.
We use the following assumptions in the calculations: