Mortgage Repayment Calculator Uk Overpayment

Anyone can use this calculator whether you are an existing mortgage customer with us or you have a mortgage with another lender. Overpaying your mortgage can reduce your interest payments by thousands of pounds but it could be savvier to put your extra cash into a savings account or pay off other debts first.

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Please ensure you obtain a personalised mortgage illustration before making a decision to proceed with a mortgage.

Mortgage repayment calculator uk overpayment. The calculator also assumes the mortgage rate used will apply for the term stated and cannot account for future changes to interest rates or your product. Rounding of repayment amounts the calculator uses the unrounded repayment to derive the amount of interest payable over the full term of the loan. See full details on assumptions.

Please bear in mind that the calculator is for illustrative purposes and does not take into account any overpayment restrictions or early repayment charges. Your overpayment could be in the form of a one off one lump sum or you could pay an extra amount each month on top of your usual repayments. Ensure that any overpayment you make goes to reduce the debt so shortening the term rather than reducing your monthly payments.

Mortgage overpayment calculator making mortgage overpayments simply means paying more towards your mortgage than the amount set by your lender. This calculator assumes you reduce the mortgage debt which is the main benefit of overpaying. If you re on a fixed rate mortgage you can overpay up to 10 of your outstanding balance each calendar year january to december.

Before overpaying your mortgage check that your lender allows you to overpay it penalty free and if there are any limits as to how much you can overpay. Monthly repayments the calculator divides the mortgage amount and the total interest payable by the total number months in the mortgage term. Our mortgage overpayment calculator can give you an idea of how overpaying on a mortgage could save you money by reducing the amount of interest charged.

If you re on our follow on rate standard variable rate or a tracker rate mortgage you can make unlimited overpayments with no early repayment charge.

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