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what could my new mortgage repayment be???

skintmumof3
skintmumof3 Posts: 803 Forumite
in Mortgages & endowments
Hi,
I am just looking for some ball park figures and wonder if anyone could help.
I have a mortgage of £85.000 and at present repay £540 a month. I will be coming to the end of a fixed rate deal of 5.6% and moving onto a 2% tacker rate in the next few months. £60.000 is on endowment and the other £25.000 on repayment.
Would anyone be able to advise on the new lower repayment might be....
I have attempted a mortgage calculator but it comes up with some weird figures..
tia
skint
x

Comments

  • ACG
    ACG Posts: 24,932 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

    This should help, you can have a mess about with some other rates then.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    skintmumof3 wrote: »
    Would anyone be able to advise on the new lower repayment might be
    Not without the term of the capital & interest element we can't.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • skintmumof3
    skintmumof3 Posts: 803 Forumite
    60,000 is on interest and 25000 on repayment over 10 years....
    cheers
  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    £100.00 = £60,000 x 2% / 12 interest only

    £230.03 = £25,000 x 2% x 10 years repayment

    £330.03 total per month
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    just stick the numbers in a calculator and add the 2 together.
    http://www.whatsthecost.com/mortgage.aspx

    2.5% over 10 years( or is it a base + 1.5%=2%?)
    £60k interest only £125
    £25k repayment £236

    Total £361

    xcheck at 5.6% £280 + £273 = £553 a little higher than you payment are your numbers right?

    Was the 25k the original amount borrowed over alonger period?
  • skintmumof3
    skintmumof3 Posts: 803 Forumite
    many thanks... it was just so I could have an idea of how much I may be paying and not knowing where the right tools were.
    cheers
    skint
    x
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Just an idea but why not keep your payment the same as you have been for the last 2/3/5 years!
    that way you will be overpaying over £210 a month and clearing that mortgage debt much sooner ( saving lots of interest!!)
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