Monthly payment after fixed rate ending?

LplateSaver

Hi, can anyone point me to where or how I can calculate the monthly payment after a fixed rate ends?

I'm trying to educate myself on mortgages before OH and I become first time buyers next year.

For example for a 100k mortgage 25 year term Nationwide had a 3 year fixed 2.29% on their site. £438.11 for the first 36 months reverting to the Standard Variable Rate (SVR), currently at 3.99%. I cannot find a website that will calculate the amount payable monthly after the 36 months, forgive me if the answer is obvious, I tried and got a figure of £517?

Rollinghills

Use a mortgage calculator for 100k, 25y, 2.29% rate.
Check balance after 3 years.
Do a new calculation with new balance (after 3y), 22y, 3.99% rate.
That will give you a decent idea I think.

kingstreet

Get a KFI for the product and the follow-on rate is illustrated straight after the payment on the fix.

Same box in fact (6).

Otherwise you need to know the outstanding balance to apply the rate for the remainder of the term.

TrickyDicky101

as a quick and dirty approach, you could just use the SVR rate as the rate in a mortgage calculator for a 25 yr product of the same balance as you want to mortgage (ie so £100k for 25 years at 3.99%).

It's not strictly comparable but at mortgage rates as they are at the moment it will be pretty close to the follow on payments, all other things being equal.