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First time buyer jargon and confused!
Comments
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nick22abdn wrote: »On a standard mortgage for the full amount of £140k payments would be as follows (interest only mortgage):
Assume you can get a rate of 6.5%
£140,000 x 0.065 = £9100 (interest accrued per year)
£9100/12 = £758 per month
(Before anyone points it out, I know this is a simplified model but it gives a rough idea)
To get everything in for £500 per month:
Other costs
Electric - £30
Gas - £30
Buildings and contents insurance - £20
BT line - £10
Broadband - £15
TV licence - £12
TOTAL - £117
Allowing you £383 per month for you mortage/rent
This would pay a £70,700 mortgage or approx half the value of the flat. Quite possible if you have a £70k deposit?
As for shared ownership, I believe there are lots of people trying to get on such schemes so it may take a while. The exact criteria vary from area to area so the only way you will get concrete info is from the local HA
Good Luck!
Plus, if looking at shared ownership, the rent on top of the mortgage. This seems to vary considerably (and according to the age of the property), but £140 is VERY low.Gone ... or have I?0
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