![]() ![]() Switching to a new product with lower monthly payments together with any of the above.Making regular overpayments to reduce the remaining balance gradually.Repaying lump sums to reduce the remaining balance.Extending the term of the mortgage, together with one of the above.Changing the mortgage to a repayment mortgage.If you are an existing customer and you have any concerns about repaying the remaining balance by the end of the mortgage term, a range of options may be open to you, including: Make sure that you read the separate Mortgage Illustration (MIL) or mortgage offer before you make a decision.įull details are available from the Society and when you apply for any of the above options. This information provides an approximate indication of costs and does not contain all of the details you need to choose or vary a mortgage. You need to ensure that your repayment strategy for this part of the loan is adequate. Remember that in addition to the approximate payment shown in the calculator above, you will have to repay the remaining balance off at the end of the mortgage term for any part of the mortgage on an Interest Only method. The maximum amount you can borrow with a Part and Part mortgage is 80% of the property value.Ī loan of £50,000 could be made up of £30,000 repayment and £20,000 Interest Only, so there would be a remaining capital balance of £20,000 to repay at the end of your mortgage term.The maximum term Skipton offers for Part and Part is 25 years.This is a combination of both repayment and Interest Only mortgage.The maximum term Skipton offers for a repayment mortgage is 40 years.Providing you make all payments including any fees or charges when due, the loan will be repaid at the end of the term.The monthly mortgage repayment you make covers both the interest changed and a portion of the original amount of money you borrowed.What other types of mortgage are available? Repayment mortgage ![]() Can provide evidence to support your repayment strategy during the application process.Have an acceptable repayment strategy in place to repay the capital lump sum at, or before, the end of your mortgage term.Are looking for a maximum mortgage term of 25 years. ![]()
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