Split mortgage calculations (repayment/interest only)

totalguitar

Are there any building socities websites that allow split calculations of mortgages ? I need say 85k over 24 years repayment and 10k over 7 years interest only as I have an existing endowment. I've tried a few but none provide this facility.

Thanks

Ian_W

Many allow split calc for part int, part repayment but none I've seen where the periods are different. However, on IO the monthly payment is the same no matter how long the loan is over, so if it's only to work out your payment it won't matter if you use 24yrs for both.

Try https://www.nationwide.co.uk or the calcs linked to the mortgage section of this site - moneynet, moneyfacts etc which mostly allow a split calc.

As regards the mortgage I think you'll have to take it over the longer period but ensure that in 7 yrs when your endowment pays out you're on a deal that allows you to repay lump sums without penalty.

silvercar

Coventry Building Society allow you to split between interest and repayment. there is a section in the application form that asks how you intend to repay the interest only part. You could write in that you have an endowment maturing in 7 years.