how much to pay

myright

Hey guys

I am thinking of a mortgage. I have two questions.

for 110k mortgage. Lets say interest @5 percent. Over 25yrs.

What would be the monthly repayments ? Do they increase or decrease over the years?


Second question is for a friend. If he was to get a remortgage for house improvement. Hes got planning permission etc for an extention. Hes already paid 90 odd percent of his mortgage. What will be the procedure? He needs an additional loan of 70 k. His house is worth 130k currently. And how long does the remortgage process take?

northerner999

You are best playing around with a calculator like this one, which suggests £650 PCM at those terms for a repayment mortgage.

Monthly payments can go up or down depending on many variables, what deal you can find, overpayments possibilities, mortgage possibilities. The main reason for minimum payments going up in future would be interest rate rises.

Most mortgages are set some kind of deal for a set period, before going to the lender's standard rate. Right now standard rates are low, but there is no guarantee they will be when the initial deal ends. Few predictions on a rise in interest rates have proved accurate, but it's pretty likely they'll be up over the course of the next 25 years.

http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

myright

Thank you very much for the above info.

can anybody answer the second part?

Landofwood

myright wrote: »

Thank you very much for the above info.

can anybody answer the second part?

Too many unknowns to answer your second question.

myright

I appreciate that. But can somebody outline a general procedure as to what happens in these situations? And general timescales?

myright

Bumpppppp.....

myright

Bump......................

maninthestreet

Do lenders still provide mortgages for home improvements??