The Interest Only Repayment Calculator is currently down for maintenance. We apologise for any inconvenience.
We are not providing advice on your client's repayment plan(s) or making any guarantees that their plan(s) will be sufficient to repay the outstanding balance (capital) at the end of the mortgage term.
Your client should review their plan(s) regularly during the term of their mortgage to make sure it is on track to repay the outstanding balance.
Periodically, we will ask your client to provide evidence of their repayment plan(s). If they are unable to satisfy us that their repayment plan(s) remains on track to repay the outstanding balance on their mortgage, we may ask them to transfer some or all of the mortgage onto a capital and repayment basis.
Please remember it is your client's responsibility to ensure they have sufficient funds to repay the outstanding balance at the end of the mortgage term. If your client is unable to do so their home may be repossessed to repay the outstanding balance.
Interest only Questions and Answers.
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Our tracker rate mortgages are linked to Bank of England bank rate (also known as Bank of England repo rate). Details of this rate can be found on the Bank of England website at www.bankofengland.co.uk or in the Financial Times or other leading newspapers.
For independent information on mortgages, visit the FSA website 'Money Advice Service'.
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