Any mathamaticians out there re mortgage?

rigsby1967

Is there a way i could work out how much my morgage payment will be come September?
I'm about to finish a fixed rate of 6.24% and going down to 0.5%
How would i work out rough payment on the new rate?

Thanks

lwillis003

rigsby1967 wrote: »

Is there a way i could work out how much my morgage payment will be come September?
I'm about to finish a fixed rate of 6.24% and going down to 0.5%
How would i work out rough payment on the new rate?

Thanks

I'm not sure if we are allowed to post direct links on these forums but if you google 'Mortgage payment calculator' and throw your details into one of those it should tell you how much each month.

Well done on getting 0.5% :beer: How long do you have that rate for?

harvey115

In order to give you an indication you need to provide a bit more information here:

- Initial amount borrowed
- Mortgage period i.e. 25 years
- Fix period (6.24% fix term)
- Any overpayments/lump sum made
- Any idea what will be your borrowed amount on the month you go onto 0.5%?

Gopes

Also, are you sure that your rate will revert to 0.5%? Whilst there may be the odd mortgage product sold more than about 5 years ago (i.e. a long term fix), that would revert to the Bank of England Base Rate (BBR), the vast majority of products written since then will revert to your lender's Standard Variable Rate ('SVR'), which is likely to be BBR+e.g. 2.5%. I would check your documentation carefully to ascertain what the SVR actually is.

If your product's SVR is indeed BBR+0%, then my apologies for questioning you - and hats off - you have a fantastic deal, and I would strongly suggest you stay on it...

Good luck.
Gopes

getmore4less

rigsby1967 wrote: »

Is there a way i could work out how much my morgage payment will be come September?
I'm about to finish a fixed rate of 6.24% and going down to 0.5%
How would i work out rough payment on the new rate?

Thanks

http://www.whatsthecost.com/mortgage.aspx

You can do it with the above calculator.


You might need to play with the outstanding amount term/payment to get a number close.

getmore4less

from sig.

Mortgage 2008, 60000
Mortgage Jan 2011, 46,132.86
Mortgage Feb 2011 45,699.72
Mortgage July 2011 44,722.48

full details would help

what happened when you asked the last mortgage question?

https://forums.moneysavingexpert.com/discussion/2201087=

rigsby1967

Thanks for the replies.:)

Getmore4less - it woudnt have been worth my while doing what i'd planned as the get out charge was to high so i'd have been no better of, i stayed with the rate i was on. Thank you for the calculator .

Gopes - i phoned up my morgage company to ask exactly when my fixed rate ended, i then asked what happens when it does finish, i was told i'd go on base rate and when i asked what rate that was he told me 0.5% i didn't think to ask any questions, i was just excited at it being so low, so maybe now i'm thinking he gave me the wrong info and it will be a bit higher but i still don't mind to much as i have been paying 6.24 for the last 5 years :eek:.

Thanks

getmore4less

So still no details of the mortgage to give people a chance to work out what the payment might be.

If you worked out it was not worth changing you must be able to work out what the new payment will be you need the same calculations.

rigsby1967

getmore4less wrote: »

So still no details of the mortgage to give people a chance to work out what the payment might be.

I looked at the morgage calculator that someone had sent the link to.

If you worked out it was not worth changing you must be able to work out what the new payment will be you need the same calculations.

I didn't work out it wasn't worth my while changing to a different rate, the morgage company told me how much it would cost me to change and worked it out for me that i wouldn't be any better of with the fee that i would have been charged.

Thanks

johnmorgan89

You need to give us more details to do the math.

Or just use a mortgage calculator which would probably be easier.

sammyjammy

rigsby1967 wrote: »

I didn't work out it wasn't worth my while changing to a different rate, the morgage company told me how much it would cost me to change and worked it out for me that i wouldn't be any better of with the fee that i would have been charged.

Thanks

They will only have done that for their own products though, you really should know what the facts are, never take anybody elses word for your own finances!