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simple sum

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Hello,

I seem to recall that there is a simple sum that you can do to give you a (rough) idea of how much your mortgate will go up if you increased it (I'm looking at moving to a bigger house).

Could anyone share it with me, please? I have it in my head that its a tenner for every 7k or something like that?

Thanks.:T

Duncan

Comments

  • silvercar
    silvercar Posts: 49,516 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    an interest only mortgage at 6% would cost you 0.5% per month, so divide the mortgage amount by 200 eg £200,000 would cost £1,000.

    Each extra £10,000 would cost £50.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • duncan32
    duncan32 Posts: 524 Forumite
    Whoooo! How wrong was I?:o

    Best get my calculator out before I make any decisions!:eek:

    Thanks....

    Duncan
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