Mortgage £100,000 - payments

summer1979

We have a mortage of £100,000, our house value is £200,000. We fixed 3 years ago and it comes to an end soon. We pay £709.00 per month. Does this sound like a high payment in todays terms? do you think it will he higher/lower if we change our mortage soon?

Many thanks

vuvuzela

Your LTV is only 50% so you will likely have full pick of the mortgages on the market, as long as your credit history is clean. As an example, HSBC 2 year fix at 3.49% over 22 years would be around £543/month. That was just the first I looked at as I was on that bank's site, there are likely to be other deals around that may be better than that

Thrugelmir

summer1979 wrote: »

Does this sound like a high payment in todays terms?

Depends on the term remaining of the mortgage. As the shorter the term the higher the capital element will be of each monthly payment.

anh1904

Income multiples (affordability) together with any other outstanding debt will be taken into account, but you ought to have the pick of the rates, HSBC 2 yr discount is only 2.99% so cheaper (currently at least) than the 2 year fix, and allows up to 20% overpayments per month without penalty.

Interest only on 100k would be pocket money!

summer1979

We have a really good credit rating and have around 20 years left on the mortgage.

We earn £25k and £38,500k for our salaries.

Many thanks for the advice, it is really useful. We fixed at a really high rate as we didn't know what would be happening with mortgage rates. At least it looks like when we come out of our fixed rate we might make a saving!!!!

Thanks guys :-)