Useful mortgage tools

 

Our useful tools will help you plan and consider some of your mortgage options. They’re all free to use and there are no credit checks involved.

The tools will give you an idea of how different changes could affect your mortgage – for example your monthly payments, the overall balance you owe, or the amount of interest you’ll pay over your remaining term.

The results of each tool should only be used as a guide, so please contact us to discuss the specific impact on your mortgage.

Please note – our calculators are best viewed on a desktop or laptop PC. If you are using a tablet or a smart phone, they work correctly, but are easier to use in landscape format.

Rate rise calculator

See how an interest rate rise could affect your monthly mortgage payments.

Rates have risen several times recently so planning now can help you prepare for any further changes to your payments.

Using this tool

You’ll need to know your outstanding balance, type of mortgage (interest only or repayment), current interest rate and how long is left on your mortgage.

Find out how to quickly see up to date information about your mortgage account

If your mortgage is made up of multiple sub-accounts you can enter details for each part separately.

Understanding the results

Our calculator shows the increase in monthly payments, for a repayment or interest only mortgage, at a range of different interest rates.

The results you’ll see are based on the information you have entered for your current balance, interest rate and remaining term.

Our calculator uses a simple method to determine the amount of interest you’ll pay as part of your monthly payment, by dividing the total amount of interest you’ll pay over a full year into 12 equal monthly amounts.

Since interest on your mortgage may be calculated differently (such as on a daily basis), then the actual change in your monthly mortgage payments after an interest rate increase may differ slightly to the figures shown in the calculator.

This means the results should only be used as a guide.

Read more information about rate rises on the Rate Change Information page of our website. You can also find out more about different types of interest rate here.  

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Overpayment calculator

See the positive impact making overpayments could have on your mortgage.

Whether it’s a regular monthly overpayment or a one-off amount, you might be surprised how much difference it makes.

Using this tool

You’ll need to have an idea of the amount you can afford to overpay. You’ll also need to know your outstanding balance, type of mortgage (interest only or repayment), current interest rate and how long is left on your mortgage.

Find out how to quickly see up to date information about your mortgage account

If your mortgage is made up of multiple sub-accounts, you won’t be able to use the calculator and you’ll need to call us to discuss your situation.

Benefits of making overpayments

Overpayments are easy to set up and you won’t be charged any fees by us for making them.

You can make additional payments to reduce your mortgage balance every month or as a one-off lump sum at a particular point.

Each overpayment you make helps reduce your mortgage balance meaning you’ll pay less interest over the term of your mortgage.

Reducing your balance could also reduce your loan to value ratio (the amount you owe compared to how much your property is worth) which could make it easier for you to remortgage in the future.

Understanding the results

Our calculator shows how making overpayments on a mortgage reduces the total amount of interest paid and balance owed at the end of the mortgage term.

The results you’ll see are based on the information you have entered for your overpayment amount, current balance, interest rate, type of mortgage and remaining term.

Our calculator uses a simple method to determine the amount of interest you’ll pay on your mortgage, by dividing the total amount of interest you’ll pay over a full year into 12 equal monthly amounts.

Since interest on your mortgage may be calculated differently (such as on a daily basis), then the actual impact of making overpayments on your mortgage may differ slightly to the figures shown in the calculator.

Our calculator also makes several other assumptions, including:

  • You make your standard monthly payment every month over the full remaining term of the mortgage.
  • You make the same regular monthly overpayment amount (if any) every month over the full remaining term of the mortgage.
  • There is no change to your interest rate over the full remaining term of the mortgage.
  • There are no fees or charges added to your mortgage.
  • There are no other changes to your mortgage which would result in a recalculation of your monthly payment (e.g. changes to your remaining term or a switch to repayment/interest only basis).

Since some of these assumptions may not apply to your mortgage, the results of this calculator should only be used as a guide.

Find more information about overpayments – such as how to set them up and maintain them over the term of your mortgage see the making overpayments page of our website.

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BudgetSmart with PayPlan

If you’re worried about the rising cost of living, you’re not alone.

Our partners PayPlan have developed BudgetSmart to help. You can use it to look at what you may be struggling to afford and use the tools and tips provided to help you cut costs.

It has information and tips covering car and home insurance, food, clothes and shoes, utility bills and much more. BudgetSmart could help you save money.

There’s also a benefits calculator you can use to check if you may be missing out on anything you’re entitled to.

BudgetSmart

Missed a mortgage payment or worried you might?

We know that talking about financial problems is never easy, but if you’ve missed a payment or are struggling to make your next one, please get in touch as soon as possible.

So we can help, we’ll need to look at your income and expenditure. You can take the first step by using our online tool to provide your information.

Once you’ve provided your details, we’ll then be in touch to talk things through.

Find out more

Please note this page contains links to external websites. We are not responsible for the content of external websites.

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