mortgage re-payments

[Rabbithunter 456]

Right, i know interest rates vary depending on the borrower/deal

 

But is there any calculation i can make, if i were to know the interest rate, so i would know what i would have to pay each month?

 

Or if someone would fancy working it out for me on £60K (edited to add..... say, over 25 years )

 

I cant get appointment with mortgage advisor until next thursday. SO hence why i am asking on here

Edited December 30, 2008 by Rabbithunter

[mattydski 560]

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

 

This is what I use to depress my self..

[donk 12]

Im paying £190 a month on £32,000 over ??? i think 20 years??? its come down about £60 since i first took it out,guess it will go back up soon when the market stabilises though.

[Waz 4,274]

Right, i know interest rates vary depending on the borrower/deal

 

But is there any calculation i can make, if i were to know the interest rate, so i would know what i would have to pay each month?

 

Or if someone would fancy working it out for me on £60K (edited to add..... say, over 25 years )

 

I cant get appointment with mortgage advisor until next thursday. SO hence why i am asking on here

 

 

http://www.moneyfacts.co.uk/calculators/mo...&HowLong=30

 

http://money.guardian.co.uk/calculator/for...,603156,00.html

 

The first one is the better one as it gives you repayment or interest only.

[martin 332]

Im paying £190 a month on £32,000 over ??? i think 20 years??? its come down about £60 since i first took it out,guess it will go back up soon when the market stabilises though.

 

 

Don't think I would be worrying about the market stabilising any time soon Donk................. ........... martin..

[Rabbithunter 456]

thanks

[chimp 299]

get fixed or capped and you should be ok

[Rabbithunter 456]

okay, so used the calculator, entered amount i wanna borrown and how many years...... I put in 4% as the intrest rate, is this realistic or should i be loooking at a higher percentage?

[donk 12]

Ive had a quick look round some of the lenders and theyre offering mortgages anywhere between 3.5% up to 6.5%,normally the bigger deposit you can put down the better interest rate you get,it dosent always work like that though.

Personally id go with a repayment mortgage as opposed to an endownment mortgage,my brother in law paid his endownment mortgage for 20 years,at the end of it he still had to pay £8,000 to clear his mortgage,because the endownment hadnt performed as well as expected'.