95%

Angelandrea

Hey guys just wondered if any one could give me an idea of monthly payment son a mortgage of around 160k

Looking at a nwe build now as withdrew offer on other hose and now hoping to get 5% builders dep x

kingkano

whats the interest rate? and the term? 25yrs?

Angelandrea

Not decided yet could we do over 25 years ??

Bargain_Rzl

Over a 25yr term with an interest rate of 5.25% (which is currently realistic for an initial fixed rate) you'd be looking at £700.00 per month on an interest only mortgage or £958.80 on a repayment mortgage. Don't forget that you should allow for higher future interest rates.

JoeK_3

Angelandrea wrote: »

Hey guys just wondered if any one could give me an idea of monthly payment son a mortgage of around 160k

Looking at a nwe build now as withdrew offer on other hose and now hoping to get 5% builders dep x

£160,000 repayment mortgage on a 25 year term @ 6% = £1,030.88 pm

JoeK

Angelandrea

i'd like interest only for first 5 years to be honest ! xxx

herbiesjp

Then £160k mortgage @ 6% interest only is £800 pm

spurs_nut

Angelandrea wrote: »

i'd like interest only for first 5 years to be honest ! xxx

Correct me if im wrong but wasn't it you who was having trouble trying to source a £120.000 mortgage?

And now you want 160K? :eek:

AndrewSmith

Angelandrea wrote: »

Hey guys just wondered if any one could give me an idea of monthly payment son a mortgage of around 160k

Looking at a nwe build now as withdrew offer on other hose and now hoping to get 5% builders dep x

How does a 5% deposit move you suddenly from being able to get a mortgage of £102,000 @ 4.5x your income to a mortgage of £160,000?

A word of caution. If you are being advised to self certify at 95% you are:

a) Going to struggle as they will invariably want evidence of the SOURCE of the extra income.

b) I doubt that a self cert lender applying such a stretch to your income will allow a gifted deposit without you matching it.

c) The interest rate will be higher than anything comparable in the mainstream.

d) From your previous posts you state that the 'other income' is cash in hand casual work that is not declared to the inland revenue for tax. In that case you cannot include this income for mortgage purposes even under self certify as it is being obtained illegally. All earned income whether casual or not must be declared to the IR. You cannot have your cake and eat it I'm afraid.


Come down to reality and realise that you just cannot afford to buy at that level currently.

Leon_W

Angelandrea

Have you not been listening to people who know this business inside out ?

You have now started many threads and had plenty of constructive help and guidance, but seem to be ignoring all of it and coming back with even more fanciful scenarios.

As Andrew points out, you were not successful in obtaining a mortgage for 2/3 rds of what you are now talking about, and yet, you are building your hopes up about a house at £160k + ????. Just because someone has a 5% deposit doesn't suddenly make lenders want to fawn all over you and lend huge amounts of money. References will be taken, bank statements scrutinised, employers called etc etc.

I say all this as I do not wish to see you set yourself up for another fall. One gets to the point where you can give all the help you can but if nobody's listening then what is the point.