Offset Mortgage Calculator

Assumptions

• The calculations we make are based on our current interest rates only. We will pick the best rate which may be available to you based on your Loan to Value (this is the value of your mortgage expressed as a percentage of the total value of the property). Other product restrictions may apply.
• Any application fees or associated costs are not included in the interest calculation and are therefore not included in this illustration.
• We will assume that any of the information you gave us and the interest rates we have used in the calculation will remain unchanged for the mortgage term.
• We will assume that the benefit of any savings and/or current account balances will start from the 1st of the month and we will assume that there are 12 months in a year. Any interest calculations are therefore on a monthly basis.
• You pay all your mortgage payments on time and your current account never goes overdrawn.
• You do not borrow any more money during the mortgage term
• This illustration is calculated on a repayment basis only, however interest only and part and part offset mortgages may be available upon request.
• We will assume that no overpayments to the mortgage capital are made, however overpayments are possible, subject to product criteria.
• We will assume that you pay either a 0%, 20% or 40% tax rate although some customers may be on a 10% tax band.
• We will assume that any current account balance entered would receive 0% interest if not linked to your offset mortgage.
• We will assume that your existing savings, regular monthly savings and lump sum savings receive the average savings interest rate you input, if not linked to your offset mortgage. When offsetting, savings balances do not earn credit interest.
• Where you have included additional lump sum entries further than your mortgage end date, these will not be included in your mortgage repayment calculation and therefore will not reduce your mortgage term or monthly payments.