How our mortgage interest rate change calculator works
Use our interest rate change calculator to help you see how the cost of your mortgage repayments could go up or down.
What you’ll need
- You will need to get your remaining mortgage balance and term from your most recent mortgage statement
- You’ll need to know the interest rate you’ll be moving to
How it works
- First enter your mortgage balance. This is how much you still need to pay to your lender
- Then, the amount of time remaining until your mortgage is paid
- Enter the current interest rate, then your mortgage type
- Click on the plus and minus to choose the interest rate change amount you want to use
Current mortgage balance You can find your mortgage balance in your most recent annual mortgage statement. You'll need to take into account any payments made on your mortgage since the date of the statement. If you've fallen behind with your payments on any part of your mortgage that is a repayment mortgage, you'll need to take off the amount of arrears from the current balance. Important: If you have a mortgage made up of part repayment and part interest only, you'll need to do a separate calculation for each.
£
Remaining term The length of time you have left to pay back your mortgage. You can find your remaining term details in your most recent annual mortgage statement. Important: Please check the remaining term on your main account and each sub account.
Years
Months
Current interest rate This is the interest rate for your sub account on the date shown. You can find your interest rate details in your most recent annual mortgage statement. Important: Please check the interest rate on your main account and each sub account.
Interest rate change Use the + or - buttons to add and deduct amounts of 0.25%. Or just type in the rate change percentage you'd like to see illustrated.
Calculate Payment Change
Estimated monthly payment change
Based on your inputs, if the interest rate changed from ##currentinterestrate##% to ##newinterestrate##%, the approximate change to the monthly payment would be:
£##changerepayment## per month*
* The figure shown is for illustrative purposes only.
Based on your inputs, if the interest rate changed from ##currentinterestrate##% to ##newinterestrate##%, the approximate change to the monthly payment would be:
£##changeinterest## per month*
* The figure shown is for illustrative purposes only.
Where can I find my mortgage details?
You can find your mortgage details in your most recent annual mortgage statement or from Internet Banking. If you're not registering for Internet Banking yet, it's easy and only takes about 5 minutes to register.
I have more than one sub account, how do I use the calculator?
If your mortgage is made up of more than one sub account and some of these sub accounts are on variable rates, you will need to do a separate calculation for each sub account. To calculate the total change to your monthly payment, add each sub account calculation together.
You can find out if you have sub accounts on your most recent annual mortgage statement.
If a rate change takes place and it affects your mortgage, we will send you a letter confirming your new monthly mortgage payment before it is taken.
