Interest only mortgagecalculator
If you take out an interest only mortgage, then your repayments only repay the interest and not the capital sum that was loaned in the first place.
Interest only mortgages were once very popular when taken out in association with an endowment policy that would repay the actual sum that was borrowed. Without the endowment policy, the house would have to be sold at the end of the mortgage term in order to repay the capital.
But consumer concerns about under-performing endowments have reduced demand for interest only mortgages recently.
Our interest only mortgage calculator will show you instantly onscreen what your monthly repayment would be with both an interest only mortgage and a repayment mortgage.
The information on this site is intended to be generic information and is not advice. If you need advice in relation to your mortgage needs, you should consult a professional mortgage advisor.