Mortgage calculation

alanw123

Hi,

I hoping that someone will be able to help me with what seems like a trivial calculation.

My current mortgage is: A
The outstanding amount on this mortgage is: B
The current value of my house is: C

The house that I'd like to buy is on the market for: D
The amount that I'd need to borrow (mortgage) for this new house is: E

Using the above, my best guess for calculating E is: D - (C -

Is this correct? Or am I missing some strange dark secret that only mortgage advisers know about?

Thanks,
Alan.

JoeK_3

Alan, you got the calculation correct, now what's your point?

JoeK

Divadend

Hi I wonder if anyone can help me
Had a mortgage years ago and then moved abroad
now need to come back to uk and need to buy a house
will have 30000 deposit can afford to pay 500 per month so roughly wot sort of price of house can I look at.
Thank

JoeK_3

David, which part of the country are you planning to come back too?

A £100,000 mortgage @ 6% works out at £500pm interest only. Your deposit of £30,000 would give you a house of £130,000 value.

If this is not enough for you, you could consider a shared ownership property.

Hope this helps

JoeK

Divadend

Cheers JoeK

Coming back to Sheffield and am considering sharing ownership with a friend so would it be better to get an interet or a repayment lost all track of these things so long gone:


Divadend

JoeK_3

Divadend wrote: »

Cheers JoeK

Coming back to Sheffield and am considering sharing ownership with a friend so would it be better to get an interet or a repayment lost all track of these things so long gone:


Divadend

The monthly cost quoted above are on an interest only basis.

You may want to conduct some research on properties in the Sheffield area to get a feel for prices before you look at ways to repay the loan.

JoeK