The calculation is for illustration purposes only and may vary according to your personal circumstances and the mortgage provider.
This calculator is based on how much you want to borrow and calculated against the initial rate. It does not consider any repayments after the end of a deal period.
Interest only mortgage repayments are lower because you don't repay any of the capital owing. If you take out an interest only mortgage, you should consider an insurance or investment to ensure you are able to repay the capital at the end of the term.
Your home may be repossessed if you do not keep up repayments on your mortgage.