£230,000 VS £240,000?What is theDifference a month in mortgage payments,approximately

gemmaking

£230,000 VS £240,000 ?

Can somebody please tell me approximately how much extra the mortgage payments will be a month on the £240k one VS the £230 k a month?

eg, if £230 K will give about £1000 a month, then a mortgage of a property of £10k More is an extra £xx a month.


(That is if you are a mortgage broker/ or deal with mortgage payments regularly, or are familiar.


I just want to know approximately what the rough difference is in monthly payments for a property of £10,000?

Is there alot in it?

Crashandburn

All dependent on the term/rate, but over 25 years its about £50pm using mid market rate

maninthestreet

gemmaking wrote: »

£230,000 VS £240,000 ?

Can somebody please tell me approximately how much extra the mortgage payments will be a month on the £240k one VS the £230 k a month?

eg, if £230 K will give about £1000 a month, then a mortgage of a property of £10k More is an extra £xx a month.


(That is if you are a mortgage broker/ or deal with mortgage payments regularly, or are familiar.


I just want to know approximately what the rough difference is in monthly payments for a property of £10,000?

Is there alot in it?

Based on your figures above, the interest rate is 5.21%, so an extra £43 per month.

kingstreet

Rate?

Term?

For example, £10k x 5% x 25 years would add £58.46 per month to the cost.

Bear in mind, if the rate is LTV dependent, an extra £10k may put you into the next LTV band, making the rate worse.

EG - £230k on a purchase price of £310k is 74%.

£240k on £310k purchase price is 77%.

The rate for an upto 80% product could be higher than that for an upto 75% mortgage.

lee111s

Use a mortgage calulator, it'll tell you exactly.

Crashandburn

maninthestreet wrote: »

Based on your figures above, the interest rate is 5.21%, so an extra £43 per month.

Eh? what term you using

michaels

4.35% more

Edit: Though I am a bit concerned you are contemplating borrowing close to 1/4m quid and you need to ask that question.

fawny

Hi,

Try using Martin's mortgage cal http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator It's great.