What will be the impact of a Payment Holiday on your mortgage balance and monthly payments?

 

BM Mortgages Payment Holiday Calculator

Our calculator will show how taking a payment holiday could impact your mortgage.

The figures we show you are based on some assumptions, such as you having only one interest rate on your mortgage. Details of our assumptions are shown at the bottom of this page.

You can find out how many interest rates your mortgage has in your latest mortgage statement or your latest mortgage offer.

£
You can find your balance on your Mortgage Offer or latest statement.
Enter the percentage rate e.g. 3.59
You can ask to take a break for up to 3 months.
Please enter an amount lower than your normal monthly payment.
You can ask to pay a reduced amount for up to 3 months.
Calculate

Your monthly payment

 

Remember these results are based on what you’ve told us and assume you have one interest rate on your mortgage.

During your payment holiday you'll pay:

##underpayment## for ##term-part-payment## months

 

You will need to make separate payments to your mortgage as they will not be collected by your current payment method.

You can set up regular overpayments by standing order from any bank using:

Lloyds Bank
Sort Code: 30-02-50
Account code: 04968773
Account Name: Birmingham Midshires

Please ensure the payment reference states:

Mortgage account number
Customer surname (if reference field allows)
 

When your payment holiday ends, the amount you pay each month will go up.

Before your payment holiday

##cmp##

After your payment holiday

##phcmpRounded##

 

Your total amount to pay

After your mortgage payment holiday, the total amount you'd need to pay back, including interest, would increase.

Before your payment holiday

##tappreRounded##

After your payment holiday

##tappostRounded##

 

Apply for a full payment holiday

Apply for a full payment holiday

 

Recalculate

Your monthly payment

Remember these results are based on what you’ve told us and assume you have one interest rate on your mortgage.

During your payment holiday you'll pay:

##underpayment## for ##term-part-payment## months

 

You will need to make separate payments to your mortgage as they will not be collected by your current payment method.

You can set up regular overpayments by standing order from any bank using:

Lloyds Bank
Sort Code: 30-02-50
Account code: 04968773
Account Name: Birmingham Midshires

Please ensure the payment reference states:

Mortgage account number
Customer surname (if reference field allows)

When your payment holiday ends, the amount you pay each month will go up.

Before your payment holiday

##cmpioRounded##

After your payment holiday

##phcmpioRounded##

 

Your total amount to pay

After your mortgage payment holiday, the total amount you'd need to pay back, including interest, would increase.

Before your payment holiday

##tappreioRounded##

After your payment holiday

##tappostioRounded##

 

Apply for a full payment holiday

Apply for a full payment holiday

 

Recalculate

The information keyed on these screens will be stored. The information will be used to help us provide you with appropriate support and develop and manage our brands, products and services.

    • You have one rate across your whole mortgage for the whole term 
    • Interest is calculated daily
    • Estimate of total amount to pay is rounded to the nearest £10
    • Your mortgage may be part Interest Only and part Repayment.  If this is the case, you will need to repeat the calculation for each part.
    • For Interest Only mortgages, if your balance at the end of the payment holiday is more than any amount on interest-only, the payment for this part of your loan will be on repayment. This is so you reduce your balance back to the interest-only amount by the end of your term.
    • If you have missed payments prior to your payment holiday, any additional payments made during the payment holiday will be applied to these first.
    • Your new monthly payment will not include any previously missed payments. If you are behind with your mortgage payments please ensure you have visited our financial difficulties page for more details on how we can support you.