Use our simple mortgage calculator to get an approximate idea of what your monthly repayments are likely to be. Remember there are a different kinds of mortgages available (some are explained below) which means that the monthly payments can vary widely.

Length of mortgage (yrs)	Interest Rate	Principal		Monthly Payment

Repayment Mortgages  With a repayment mortgage you repay the capital in installments, along with the interest, so that at the end of the term you have paid off the capital. The payments you have to make are normally the same throughout the term subject to changes in interest rates. Endowment Mortgages  With an Endowment Mortgage you do not pay back any of the capital until the end of the loan. You pay interest on the whole amount of the loan throughout the term and you also have to pay premiums on an investment-type life insurance policy. Under normal circumstances, at the end of the mortgage term, the proceeds of the life policy are used to repay the balance outstanding on the loan.  The borrower obtains the benefit of life assurance cover, which will ensure that the mortgage is paid off in the event of death, and the borrower might also receive a lump sum at the end of the mortgage term. Pension-Linked Mortgages  A method of repaying a mortgage by means of the tax-free cash sum available at retirement. It operates like an endowment mortgage in that only interest is paid to the Society during the mortgage term.  The capital is repaid at the end of the mortgage term, using part of the proceeds from a pension plan. The advantage of a Pension-Linked Mortgage is that, under current legislation, tax relief at the borrower's highest rate is obtained on premiums.

Interest Rate alternatives Variable Rate With a variable rate mortgage as interest rates go up or down, so do your monthly payments, unless you have chosen to change payments only annually on our Annual Review Scheme. Generally this type of mortgage is the simplest. Discounted Rate A discounted rate mortgage offers a discount off the variable rate, usually in the first few years of the mortgage.You may have to pay an early redemption fee if you repay part or all of your mortgage or transfer to another product offer. Fixed Rate With a fixed rate mortgage, no matter what happens to the variable rate, your interest rate will stay the same for a set period. This means you’ll know exactly what you have to pay if you are looking for certainty when budgeting. If general interest rates fall, yours won’t - so you could find yourself paying more than you would with a variable rate mortgage. When the fixed rate period ends your monthly payments will change as your mortgage reverts to a variable rate. Capped Rate Capped rates provide you with an assurance that for a set period the variable rate of interest charged on your account will not go over a percentage which is agreed at the start of your mortgage. When the fixed rate period ends your monthly payments will change as your mortgage reverts to a variable rate.