Renting your home calculator

You can use this calculator to see how your monthly payment could change. If you manage your mortgage using an annual instalment review scheme (air) or Budget plan scheme your monthly payment will stay the same until your next review date. This calculator is only a guide, and before you renew we’ll let you know what your monthly payments will be. 

See the ‘Calculator assumptions' section below to see what the tool uses to calculate a new payment amount.

If you have multiple sub accounts – this is where your mortgage is split into different parts – you’ll need to put each part in separately and add them together to get an amount.  This is because your sub accounts may have different interest rates or mortgage types, or have different lengths of time left, known as the ‘term’. See example below.

£
If you don't know exactly please enter your best guess.
Enter the percentage rate e.g. 4.45

Your monthly payment

Remember these results are based on what you've told us. 

New interest rate - including the added rate of 0.5% because you want to rent out your home. 

##newrate##%

Your current estimated monthly payment: 

##cmp##

Your new estimated monthly payment: 

##cmpdeal##

A difference of ##diff## each month.

Your monthly payment

Remember these results are based on what you've told us. 

New interest rate - including the added rate of 0.5% because you want to rent out your home. 

##newrate##%

Your current estimated monthly payment:

##cmpio##

Your new estimated monthly payment:

##cmpdealio##

A difference of ##diffio## each month.

  • We use these assumptions in the calculation:
    • All years are 365 days
    • Your interest is worked out monthly
    • Your mortgage is repayment – where you pay the balance and interest in your monthly payments
    • Your mortgage is interest only – where you pay the interest monthly and then the balance at the end of the term
    • Your current interest rate used is based on what you have told us and there are no upcoming changes to this interest rate.
    • There are no other changes that would mean we’d be working out a new monthly payment for you. For example if you are on an interest rate that tracks the Bank of England Base rate and the rate changes, or your current interest rate is coming to an end.
    • We round our estimates to the nearest pound (£).

     

  • Here is an example of how you can use our online calculator to work out your new monthly payment when you have multiple sub accounts. Our example below shows a customer with a £126k mortgage which is split into different sub accounts, each with different mortgage type, term and interest rate.

    By entering the information for each sub account separately, the calculator adds the 0.5% charge on top of the specific sub account details so you can see the estimated increase for each sub account.

    Sub account 1 - £70k repayment mortgage with 12 years remaining and a 6% interest rate – a difference of £18 per month
    Sub account 2 - £30k repayment mortgage with 15 years remaining and a 7% interest rate – a difference of £8 per month
    Sub account 3 - £26k interest only mortgage with 10 years remaining and a 7.74% interest rate – a difference of £11 per month

    Adding the increases for each sub account together gives you an estimate of the total increase in monthly mortgage payments.

     Sub 1 £18 + Sub 2 £8 + Sub 3 £11 = £37

    Each time your interest rate changes, so will the monthly payment.
     

  • Please call us on 0345 725 3253 and we’ll be happy to talk about what you need to do. Lines are open 8:00am to 6:00pm Monday to Friday and from 9:00am to 1:00pm on Saturdays (excluding bank holidays).

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.