How Much!!

Danni1979

I've just had the shock of my life,lol.
Just checking out mortatges and it appears to me that the price is ridiculous.
I just did a quick quote on a £140k mortage and the total repayments were around £300k,can anyone tell me is this normal!!

beecher

That does sound a lot - I pay back £1.64 for every £1 borrowed.

What does your mortgage offer say exactly - how many years is it for as if it is a longer term you'll be paying more in interest.

UK007BullDog

Where you looking at a repayment mortgage or interest only mortgage. interest only mortgages are more expensive over the longer term, as one is not paying back the loan.

Or were you looking at 30 or even 35 year term mortgages?

sassybooboos

my mortgage i am just about to take on says for every £1 borrowed i will pay back £2.12 if i keep it for the 25 yrs. this is on a 5.74 rate with halifax.

maninthestreet

An 140K repayment mortgage, over 25 years, at 7.1% p.a, has a total repayment figure of £299,500.

herbiesjp

sassybooboos wrote: »

my mortgage i am just about to take on says for every £1 borrowed i will pay back £2.12 if i keep it for the 25 yrs. this is on a 5.74 rate with halifax.

Is that the 3 year fixed rate?

If so, the figures are correct as you quoted:

£298.125.11 paid back over the 25 year term (Don't forget £140,000 of that is the amount you borrowed)

It is £2.12 for every £1 borrowed

And the APR is 7.1%


However remember, that those are the figures if you stay with that lender omn those terms for the full 25 years - which in reality is not going to happen

owitemisermusa

I am not in any way surprised. That is not unusual, remember that those figures vary with interest rates - you could end up paying back more for the privilege of your borrowing if interest rates shoot up.

I realised that the total amount you pay fluctuates with the interest rates - somehow I was in the dark.

HTH

Conrad

Why the shock - you no doubt applaud Government interventions to ensure working people get sick pay, paternity pay, expensive health and safety considerations, lots of customer protection regulation.

If you want to live in this society you gotta be prepared to pay for it.