![]() We then calculate a monthly payment at a level that pays the interest-only on this amount taking into account any interest rate change. To calculate your monthly payment, we take the amount you owe on the day we do the recalculation together with how much we think interest will be to the end of that month. If you think you are on monthly or annual interest and would like more information, or you would like to switch to daily interest, please contact us.įor interest-only mortgages, you pay only interest during the term of your mortgage and pay a lump sum at the end of the term to pay off everything else you owe. We recalculate the payments on these mortgages differently. Some customers with older mortgages have interest calculated on a monthly or annual basis. If this happens and you would like us to recalculate your monthly payment, you can contact us. ![]()
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