simple sum

duncan32

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

silvercar

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.

duncan32

Whoooo! How wrong was I?:o

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

Thanks....

Duncan