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fedster
Posts: 194
Forumite
I currently have got £17,000 saved, i earn £13,000 per year, i want to put down a £10,000 deposit, i currently live in family home, so rent etc is not to much, how much roughly would my repayments be, would they be weekly or monthly, this is my first attempt at a mortgage, so sorry for the ignorance :beer:.
Rough figures will do, just want an idea what to expect.
Rough figures will do, just want an idea what to expect.
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Comments
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Finger in the air guess, £40k repayment over 25years ~£400pm. Complete guess, could be way wrong.YNWA
Target: Mortgage free by 58.0 -
Just entered your numbers into nationwides mortgage calculator:
2 Year fixed deal would be £213.12 pcm over 25 years
2 Year tracker deal would be £208.71 pcm over 25 years0 -
With a £10,000 deposit on a £50,000 property you have a 20% deposit so you should get good mortgage deals and its 3X your income of £13K
The mortgage you pay for a property is only the start.
what about the council tax, gas/electric, phone/broadband, water, TV licence, repairs and maintenance.
Making it your home with all the items you need such as beds,sofa,fridge/freezer, TV, even the kitchen table/sink all cost money when you first set up home.
Look on ebay, freecycle, buy and sell etc for cheap goods
Good Luck0 -
Putting down £12,500 deposit would give you a 25% deposit and the very best mortgage deals on the market while leaving money to pay fees, legals etc0
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Thanks for the replies, initially i am planning on renting the property out, so i will be able to recoup some money, so i dont need to worry about other bills just yet.
I have also got another property,basically a family property which has gone down the generations which i am renting out.
Another question for you helpful people is, i hear of people buying or through a mortgage purchasing different properties, and making a business for themselves, is this only for doctors, solicitors, i.e. rich people?0 -
:rotfl:lolBlackpool_Saver is female, and does not live in Blackpool0
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Blackpool_Saver wrote: »:rotfl:lol
Was it something i said...........0 -
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initially i am planning on renting the property out, so i will be able to recoup some money, so i dont need to worry about other bills just yet.
I have also got another property,basically a family property which has gone down the generations which i am renting out.
the figures above of £200+ pcm mortgage assumed you got a residential mortgage on your own home
you may struggle to get a residential mortgage if you are going to immediately let the property, you may be forced to get a buy to let mortgage which will require at least a 25 - 30% deposit and will have a higher interest rate
that said you'd still be looking at <£300 pcm
there are dozens of calculators online that will tell you what you pay - spend a few minutes on google,
here's a start assuming a residential mortgage http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
here's one that lets you specify a BLT mortgage as the purpose
http://www.moneysupermarket.com/mortgages/?source=GOO-29109C82&p=0&keywords=mortgage+calculatorExact&ef_id=bDpPtXh3cC8AAAdK:20120701101704:s0
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