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!
how much can we increase our mortgage by for £400 per month
juliejones1973
Posts: 1 Newbie
thats it basically, how much could we increase our mortgage by if we have an extra £400 to put towards it?
i know it will vary hugely depending on what rate we go for, ideally over 20 yrs as well, but can anyone give me a rough idea?
i know it will vary hugely depending on what rate we go for, ideally over 20 yrs as well, but can anyone give me a rough idea?
0
Comments
-
@4% over 20yrs, £65000 would give you a payment of £398
@6% over 20yrs, £55000 would give a payment of £399I 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.0 -
£400pm repayment 20 years rate ??
Stick it in a calculator put in the knows and guess the unknowns till you get the right answer
http://www.whatsthecost.com/mortgage.aspx
eg 5% £400pm interest only set the amount borrowed and adjust till it is paid off in the calculate screen
£606000 -
But what happens when the interest rates rise ?
How much is your existing mortgage, could you afford your existing debt when rates go up ?ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards