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Notes:
1. The figures shown assume an annual rest type mortgage which recalculates mortgage payments once a year. As such they may slightly overstate the monthly payments for more flexible mortgages, offering monthly or even daily recalculation of payments.
2. In Jersey, mortgage interest relief is capped at £300,000 and relates to the borrowers primary residence only.
3. A repayment mortgage is one where mortgage payments cover both interest costs and repayment of the original loan, so that the mortgage amount decreases over time. An interest only mortgage is one where mortgage payments only cover interest costs. With interest only loans, the mortgage amount does not automatically decrease over time. Frequently, borrowers will set up an endowment or some other investment product (at additional cost), designed to repay the loan at the end of its term.
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