Good mortgage calculators

sforkes

Hi

I'm looking to take out a fixed rate interest only mortgage. My problem is that I was looking to overpay it enough so that I was treating it like a captial repayment mortgage but when money got tight (like when baby goes to nursery, and then baby number 2 comes and then goes to nursery etc etc you get the picture) I have the flexibility to reduce payments for a while and then get back to paying it off once finances have settled down.

However, banks have obviously seen me coming and have limited the overpayments to 20%.

Sooooo....I would like to find a calculator which not only allows me to compare various types of mortgages (fixed, variable, int only, cap repayment) but also allows me to work out how much compound interest I would need to earn on savings to make up the shortfall from the bank limiting my overpayments.

Not sure if that makes any sense now I've waffled on. Just wondering if there are any gurus out there who have done the hard work for me in a calculator

thanks

Dave_Ham

There are some great calculators on this site, via the mortgages tab at top of screen

Furthermore, there are some lenders who allow upto 50% overpayments and some that have no limit or you could just go the full hog and offset it.

Sounds like you have a plan and may just be worth exploring a bit further or take some professional advice.

Until you actually caluclate, I do not really think many understand the impact of small, regular overpayments over a period of time...

destorius

First direct allows unlimited overpayments...

GMS

What is your Loan to Value? Interest Only mortgages are restricted and being removed by some lenders.