Brief Guides - The Perfect Introduction - Brief Guide to Mortgages

Interest only mortgages vs repayment mortgages - mortgage ...
Interest only mortgages vs Repayment Mortgages: Weighing up the pros and cons Interest only mortgages vs Repayment Mortgages can be difficult. ...

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Brief Guide to Mortgages

Mortgage Calculator

Enter your details into our mortgage calculator to find out approximately how much your mortgage will cost.

Amount to borrow:	£
Rate:	.%
Repayment period:	years


Repayment Mortgage:
The traditional mortgage, whereby at the termination of the policy, the borrower owes nothing.
Monthly payment:	£
Total cost:	£
Monthly payment if rates rise by 1%:	£
Total cost if rates rise by 1%:	£
Monthly payment if rates rise by 2%:	£
Total cost if rates rise by 1%:	£
Interest-only Mortgage:
With this type of mortgage, only the interest is paid off, which means the lump sum lent initially is payable at the end of the period. This is commonly taken up if the borrower believes they can earn a significantly higher rate of interest than the mortgage rate. Typically, these mortgages are linked to schemes such as ISAs or an endowment policy. The payment shown below covers only the interest - one would still need to save elsewhere.
Monthly payment:	£
Total cost:	£
Monthly payment if rates rise by 1%:	£
Total cost if rates rise by 1%:	£
Monthly payment if rates rise by 2%:	£
Total cost if rates rise by 1%:	£

Disclaimer

Note: All information and figures given on this site are approximate and intended as a brief guide to mortgages. Please consult your mortgage provider for firm offers and detailed advice.

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