Coronavirus (COVID-19) – Repayment Holidays
Examples of mortgage repayments after taking a mortgage payment holiday:
Outstanding mortgage balance: £115,000
| |
Repayment |
Interest only |
| Current outstanding mortgage balance |
£115,000 |
£115,000 |
| Interest rate |
2.51% |
2.51% |
| Months remaining on deal |
60 |
60 |
| Standard Variable Rate |
4.49% |
4.49% |
| Term remaining (years) |
20 |
20 |
| Current monthly payment |
£608.85 |
£240.56 |
| New monthly payment after payment holiday |
£618.64 |
£242.07 |
| Monthly increase |
£9.79 |
£1.52 |
| Total amount to repay without payment holiday |
£162,221.40 |
£206,894.80 |
| Total amount to repay with three month repayment holiday |
£162,972.48 |
£207,468.87 |
| Total increase |
£751.08 |
£574.07 |