I have an Interest Only mortgage. Amount owing is £86623. Term remaining is 20 years. I'm at the end of my fixed rate and my mortgage lender has told me that my payments will be 205% plus Barclays base rate. What will my monthly payments be? Please help and thanks in advance
All other answers are wrong so far.

This is how you work out your payments:

86623 x 3.04% (base rate currently 0.50%) / 12 = £219.45 per month.

The lender will write to you to let you know this if they havent done so already. Bare in mind this is a variable rate and can change. The lender will also write to you on each subsequent change.

Hope this helps?
im assuming your fixed rate was for about 2 years if so your fixed rate will have been slightly higher than the iterest rate at the time so your fixed rate has now ended your mortagage payments will go down as the interest rate is as low as it has ever been because of this global credit crunch for example a year ago my mortgage payments were £223.00 a month they are now only £153.00 because of the interest rate comming down i hope this helps you understand a little better
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494.73
Monthly Payment 118,736.35
Total of 240 Payments

-42,886.65
Total Interest Paid Sep, 2029
Pay-off Date

75,000.00
Total Tax Paid 0.00
Can't your LENDER answer this question???? Seems like THEY would know since THEY are the ones billing YOU.