Mortgage repayments?

Cliecost

Hi,

I don't have a mortgage but I hope to get one next year (obviously with the correct advise and professionals...)

I am struggling to find anywhere online that I can see what the monthly repayments might be?

I know I wouldn't be able to get a firm calculation but and idea would be nice.

Can anyone help with this?

Thanks.

ACG

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
This will help you calculate what the repayments will be.

As for rates, take a look on banks websites to get an idea of what is available.

R_P_W

You can't be looking that hard! Most banks and building societies have some form of mortgage calculator.

SavingPennies_2

http://www.theguardian.com/money/mortgage-calculator

As above, there are loads, above is a general one or try any of the banks websites.

Cliecost

R_P_W wrote: »

You can't be looking that hard! Most banks and building societies have some form of mortgage calculator.

From what I could find the repayments vary wildly.

[Deleted User]

No one can say what interest rates will be available next year. But to get a guesstimate of what you could get if interests rates stay the same next year as they are now take a look at some of the banks webpages, or look at some of the comparison sites.

Other things that will affect the rate you could get would be; the amount of deposit you have (as a percentage of the house purchase price - 5%, 10%, 15%, 25% etc) the amount you want to borrow, and if you have a good credit report or not.

Cliecost

I had no idea mortgages were so expensive! No wonder why so many people rent!

dimbo61

You can also try this website

http://www.whatsthecost.com/

just put in the amount you want to borrow, interest rate, term ( How many years for the mortgage) and it will give a complete breakdown of how much you will owe after 1 month, 1 year,2 years etc

[Deleted User]

Cliecost wrote: »

I had no idea mortgages were so expensive! No wonder why so many people rent!

Interest rates offered at the moment are pretty low!

kingstreet

Cliecost wrote: »

I had no idea mortgages were so expensive! No wonder why so many people rent!

Expense is a relative term.

Three things influence the monthly payment;-

the amount borrowed

the interest rate

the term of the mortgage.

The only way you can say if something is expensive is to compare it to something else.

What would it cost you to buy a property in your area, compared with how much it would cost to rent the same property? If there's a difference and the mortgage cost is higher, this is the cost of actually purchasing the property. If you are living with your parents and you are comparing the cost of buying with £0, I'm not surprised it looks expensive, as you're hardly making a fair comparison.

I suggest you speak to some people who can explain how things work, how much you can borrow, the monthly costs and the one-off costs and fees involved in buying a property. A whole market mortgage broker in your area would be a good start. Ask friends and relatives for a recommendation.