The calculator above will help you to compare the cost of your mortgage on repayment or Interest Only methods or a combination of the two - Part and Part. This may help you to understand if your repayment strategy will be sufficient to repay the remaining balance off at the end of the mortgage term.
Remember that in addition to the approximate payment shown in the calculator above, you will have to repay the remaining balance off at the end of the mortgage term for any part of the mortgage on an Interest Only method. You need to ensure that your repayment strategy for this part of the loan is adequate.
This information provides an approximate indication of costs and does not contain all of the details you need to choose or vary a mortgage. Make sure that you read the separate Mortgage Illustration (MIL) or mortgage offer before you make a decision.
Full details are available from the Society and when you apply for any of the above options.
What repayment options are available?
If you are an existing customer and you have any concerns about repaying the remaining balance by the end of the mortgage term, a range of options may be open to you, including:
- Changing the mortgage to a repayment mortgage
- Changing to a Part and Part mortgage
- Extending the term of the mortgage, together with one of the above
- Repaying lump sums to reduce the remaining balance
- Making regular overpayments to reduce the remaining balance gradually. See the Flexible Payments Calculator
- Switching to a new product with lower monthly payments together with any of the above. An illustration of the new product will be provided to you and will be subject to availability and current lending criteria. There may be fees payable for certain products.
Any changes will be subject to the terms and conditions of your existing mortgage including any Early Repayment Charges, if applicable, and our current lending policy. Please refer to your original mortgage offer for details or contact us.
Please call our Mortgage team on 0345 607 9825 to discuss the options which are available to you with Skipton.
Helpful information regarding Interest Only mortgages, including budget calculators, is also available from the MoneyHelper website.