Anyone help with a rough idea of mortgage cost
Discussion
I don't own a property, just wondered roughly what a £100,000/£50,000 mortgage would cost.
I remember someone saying before roughly £70 a month for every £10,000 borrowed which would put the mortgage at around £700 a month.
That about right ? I know rates are jumping all over the place but if someone could give me a rough idea with some basic numbers.
I remember someone saying before roughly £70 a month for every £10,000 borrowed which would put the mortgage at around £700 a month.
That about right ? I know rates are jumping all over the place but if someone could give me a rough idea with some basic numbers.
There's quite a few online calculators out there ... try this one ...
http://www.nationwide.co.uk/mortgage/moving-home/c...
http://www.nationwide.co.uk/mortgage/moving-home/c...
What kind of deposit are you putting down? LTV?
You looking for a Tracker? Fixed? SVR?
Whats your credit like?
Loads of questions will effect the outcome as to what you will be offered (if anything) and at what rate.
Type 'mortgage calculator' into google. Quite a few providers will allow you to play about with deposits and and rates and show you monthly payments.
I have a perfect credit rating and spoke to my advisor yesterday about mortgaging a house that I own and let out (it is tenanted and currently unmortgaged).
He could offer me a total of 32 products (last year this would have been hundreds). My rent would have to cover 125% of the payments, to get anything like a sensible rate, the LTV had to be 60% or less and the set up fee was £2k.
Not pretty times out there at all at the moment. Hopefully the banks will pass on todays rate cuts and actually start lending to people again.
You looking for a Tracker? Fixed? SVR?
Whats your credit like?
Loads of questions will effect the outcome as to what you will be offered (if anything) and at what rate.
Type 'mortgage calculator' into google. Quite a few providers will allow you to play about with deposits and and rates and show you monthly payments.
I have a perfect credit rating and spoke to my advisor yesterday about mortgaging a house that I own and let out (it is tenanted and currently unmortgaged).
He could offer me a total of 32 products (last year this would have been hundreds). My rent would have to cover 125% of the payments, to get anything like a sensible rate, the LTV had to be 60% or less and the set up fee was £2k.
Not pretty times out there at all at the moment. Hopefully the banks will pass on todays rate cuts and actually start lending to people again.
B17NNS said:
What kind of deposit are you putting down? LTV?
You looking for a Tracker? Fixed? SVR?
Whats your credit like?
Loads of questions will effect the outcome as to what you will be offered (if anything) and at what rate.
Type 'mortgage calculator' into google. Quite a few providers will allow you to play about with deposits and and rates and show you monthly payments.
I have a perfect credit rating and spoke to my advisor yesterday about mortgaging a house that I own and let out (it is tenanted and currently unmortgaged).
He could offer me a total of 32 products (last year this would have been hundreds). My rent would have to cover 125% of the payments, to get anything like a sensible rate, the LTV had to be 60% or less and the set up fee was £2k.
Not pretty times out there at all at the moment. Hopefully the banks will pass on todays rate cuts and actually start lending to people again.
These are just ideas, about £20,000 deposit ( although I think fees would have to come out of that ) thinking of many things, more trying to figure out if I want to buy somewhere first, to do that I want to know rough figures as to cost of mortgage etc then I can look into it more in depth laterYou looking for a Tracker? Fixed? SVR?
Whats your credit like?
Loads of questions will effect the outcome as to what you will be offered (if anything) and at what rate.
Type 'mortgage calculator' into google. Quite a few providers will allow you to play about with deposits and and rates and show you monthly payments.
I have a perfect credit rating and spoke to my advisor yesterday about mortgaging a house that I own and let out (it is tenanted and currently unmortgaged).
He could offer me a total of 32 products (last year this would have been hundreds). My rent would have to cover 125% of the payments, to get anything like a sensible rate, the LTV had to be 60% or less and the set up fee was £2k.
Not pretty times out there at all at the moment. Hopefully the banks will pass on todays rate cuts and actually start lending to people again.
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