Fixed Rate Mortgages Calculator
When the fixed interest rate term ends on your mortgage deal, your lender may switch you over to their standard variable rate. For this reason, it is always recommended to find another suitable interest rate deal to switch to as quickly as possible, as rates may otherwise be more expensive.
Customers should also consider their repayment options:
Repayment – straight forward monthly payments that are designed to enable you to repay your loan within the set term. Customers pay off a percentage of the initial loan, plus interest, until the entire mortgage is paid in full.
Interest Only – monthly payments consisting of the interest owed each month and separate payments into an Individual Savings Account (ISA) to repay your mortgage loan at the end of the set term. Interest only mortgages are often cheaper to manage initially, but require careful long term financial planning. They are usually seen as a short-term measure, because otherwise it will take much longer to repay the loan.
Offset mortgages - if you have a lot of savings, you could pay less for your mortgage by using the savings to offset the debt. For example, if you have a mortgage of £100,000 and £20,000 in savings, you could pay interest on only £80,000 if you link your savings with your mortgage.
Require mortgage advice? You can call our mortgage team on:
0117 332 6063
Monday to Friday 8.30am to 7pm