Estimate the monthly cost of borrowing against your home. Adjust the amount, the term and an illustrative interest rate to see the repayment, the total interest and how the loan would sit against your property's value.
The results are an illustration, not a quote. The rate you are offered depends on your circumstances, the property and the lender's assessment.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Used to show your equity and the combined loan to value after the new loan. Lenders use their own valuation, which may differ from your estimate.
The same amount and rate over different repayment periods. A longer term lowers the monthly payment but increases the total interest paid. Compare the total repayable, not only the monthly figure.
| Term | Monthly repayment | Total interest | Total repayable |
|---|---|---|---|
| Your term, 15 years | £284.97 | £21,294 | £51,294 |
| 5 years | £606.86 | £6,411 | £36,411 |
| 10 years | £362.40 | £13,488 | £43,488 |
| 15 years | £284.97 | £21,294 | £51,294 |
| 20 years | £249.07 | £29,776 | £59,776 |
| 25 years | £229.56 | £38,868 | £68,868 |
It assumes a repayment loan with a fixed interest rate for the whole term and equal monthly payments, with interest calculated monthly on the reducing balance. Fees you add are included in the borrowing and attract interest in the same way.
Combined loan to value compares your mortgage and the new loan together with the property value. Lenders set their own limits, and the property is valued by the lender rather than by you.