Fixed Term Payments within Term Length

Cnadz

Just had a look at your Ultimate Mortgage Calculator and found there is no way to calculate a Fixed Term (of 2 or 5 years) with the same mortgage company/bank within the period of a mortgage i.e. 15, 20, or 25 years. I understand that I would, in efect, be starting a new mortgage after the fixed term is up, however, the total length of a / the mortgage remains the same. To be able to change interest rates within the total life of a mortgage, 15, 20, 25 years would be a great advantage. here's hoping.

Hoenir

Unless you know what future interest rates are going to be. Any long term figures are utterly meaningless to provide. 

BikingBud

Cnadz said:

Just had a look at your Ultimate Mortgage Calculator and found there is no way to calculate a Fixed Term (of 2 or 5 years) with the same mortgage company/bank within the period of a mortgage i.e. 15, 20, or 25 years. I understand that I would, in efect, be starting a new mortgage after the fixed term is up, however, the total length of a / the mortgage remains the same. To be able to change interest rates within the total life of a mortgage, 15, 20, 25 years would be a great advantage. here's hoping.

You could try this excel spreadsheet https://www.locostfireblade.co.uk/spreadsheet/Index.html

Complete Mortgage 1 Info and Key Figures for all loan details, you can use an interest rate for fixed term followed by a second rate, useful for SVR follow on.

For Mortgage 2 details leave the interest on the Mortgage 2 Info and Key Figures but add differing values to the Int Rate Manual Column on the Mortgage 2 Monthly Table. This will adjust the interest rate applied for that period of the loan and will flush out the total interest according to the profile, 15, 20, 25 years, you request but as @Hoenir has mentioned this might be nugatory work, although might be worthwhile to apply your own stress test and see what affect 15% might have.

Comparison should then give you the total interest over the period that you select.

It will also advise the effect of overpayments, regular and lump sum.