We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Repayment Amount

trentbaby
trentbaby Posts: 4 Newbie
in Mortgages & endowments
Hi

I cuurrently have a mortgage running at around 3.84% interest with monthly repayments of £1000. Can anyone tell me what my repayments would be if the interest rate went up to 5% ?

I am looking for a ball park figure, doesn't have to be exact. The outstanding mortgage is £190 000.

Cheers

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What is the term left on the mortgage - guessing it is a repayment and not interest only, as this would impact on the monthly repayments
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • trentbaby
    trentbaby Posts: 4 Newbie
    i have 23 years left on it and it is a repayment mortgage.
  • Darryl
    Darryl Posts: 218 Forumite
    It would be between £1500 and £1600 per month (my calc say £1555.44)

    Darryl.
    ... Fool's Gold ...
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    I would say around £1150/1200 per month
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • trentbaby
    trentbaby Posts: 4 Newbie
    ok guys. i have max bid of £1600 from darryl and max bid of £1200 from herbiesjp. that is a £400 difference.

    ummmm.....you have screwed me up more than when i asked the question.

    darryl how did you come to your calculation as i am more inclined to belive herbiesjp because his tag line says he is an independent broker.

    BUT i don't want to go into a situation when i think it is £400 less than it actually is.

    see what i mean !!!
  • Darryl
    Darryl Posts: 218 Forumite
    I used a calculator spreadsheet from the website http://www.mortgagesexposed.com/
    The Current Account Mortgage sheet to be exact (without entering any income/expenditure values)

    But, I just realise that I put in the wrong figures in one of the interest columns.

    So, I'd like to revise my calculation please... £1159.77 is now the calculated payment.

    Darryl.
    ... Fool's Gold ...
  • david78
    david78 Posts: 1,654 Forumite
    I make it £1,134.11 if you have a repayment mortgage, and £791.67 if you have an interest-only one.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.1K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture