I am looking to increase my mortgage by £36K (at 5.3%) but to pay back the 36K plus the interest on the 36K in 4 years time when a policy matures.
My question is (as I have no idea whether mortgage interest is calculated monthly or yearly etc) how much will I have to paid in interest over those 4 years (interest is fixed at 5.3%).
If the APR is 5.3%, with no repayments and therefore interest being rolled up into the loan, the final repayment would be £44,260.47, making the total interest repayable £8,260.47
If the APR is 5.3%, with no repayments and therefore interest being rolled up into the loan, the final repayment would be £44,260.47, making the total interest repayable £8,260.47