Mortgage Query - Need Help With Numbers!

rgjones79

Hi, I need some guidance with regards a mortgage query.

Basically me and my girlfriend bought an apartment (new build) in summer 2003. Now being a new apartment, we pay a monthly maintenance fee to a company called Peverel. This amounts to roughly £100 per month.

Now our mortgage was for £85,000 (25 years), and our repayments are around £500 per month.

My question is this, given that basically with the maintenance fees we pay an extra £100 per month on the mortgage price, we pay £600p/m for the apartment.

What would this translate to in terms of a total mortgage amount?

We are starting to wonder about buying our next house, so would like to guess what we could realistically afford?

I don't know if this is a simple thing to work out (not that great with numbers!) so any help is gratefully accepted!

Charlton_Taz

Using the same mortage rate you've got currently, a mortgage payment of £600 would equate to a mortgage of £102,000. Hope this helps.

cloud_dog

and this is acheived by dividing £500 / 85 (£85k mortgage) = 5.8823 (blah blah). You then divide £600 by the 5.88 (blah blah) number to get £102k.

cloud_dog