how much will you have to earn

jedimonkey

200k over 30 years at 5.13% would be £1100.30per month repayment according to the BBC morgage calc...

homer01

he has got to get the money 1st though, with no deposit and a loan to add on i would have thought the interest rate would be sky high?

jedimonkey

it sure would...... i just kept reducing the rate to get near 1100per mth.... Im sure his real rate would be at the wrong end of 5% or even into 6%??? - of course thats if he ever finds a lender mental enough to view him as a good risk. (one of the mortgage advisors will know better - im just a monkey)

mitchaa

neverdespairgirl wrote: »

That might well be about the right payment on a decent rate.

4.25% over 25yrs would equate to around £1100

With no deposit, he'll be looking at a rate of around 6.75-7% and repayments of £1400-£1425

IO will be around £1125 at 6.75%

Mortgage Calc..

http://www.cml.org.uk/cml/consumers/calculator/mortcalculator

homer01

thanks monkey, ive just sent a mail telling him the above and he still thinks he can do it!! silly silly boy, even more silly if he gets it and goes ahead!!

Dick_here

dunstonh wrote: »

£26k means his take home pay is going to be around £1700.

Is there an annual income / monthly take home calculator anywhere ?

dubsey

We always use listentotaxman.com to estimate our income. HTH.

raq

homer01 wrote: »

ha ha thank you people, my friend earns 26k a year and is convinced that its possible. no depoisit, and also a loan with repayments of about £420 a month and about 13k remaining - also thinks the repayment of a 200k mortgage would be £1100 a month!!!

at least i know i was in the right now, thank you again x

7% in £134,000.00 for mine and ours work out at £993.00 per month. ( self employed though , hence the slightly high % .

Where did she pull that figure from??