ive just woken up to find that mortgages are 800 pounds per month??? :shock: or maybe more

Someone on here is a mortgage adviser - watch out or they'll appear and sell you a mortgage then while you're slightly confused there'll be a whirl of paper and you'll have bought life insurance, health insurance, buildings insurance, contents insurance,unemployment protection, swamp insurance too. lol

We're not all that bad. LOL

ive just woken up to find that mortgages are 800 pounds per month??? :shock: or maybe more

 

Mate, you might find this simple rule of thumb helpful (although its results aren't entirely accurate). At around today's interest rates you'll be paying off roughly £600 per month for every £100,000 you borrow. So I'm guessing you want to borrow around £133k. If you work out from my repayments what I'm borrowing it comes out at just over £158k using this rule, which is pretty close to the actual figure of £160k. This is for a 25 year mortgage by the way, if you want to go for a longer or shorter term the monthly payments will obviously be less or more, respectively.

 

Going the other way, say you want to borrow £125,000, you can work out your approximate monthly repayment using: (125,000/100,000) * 600 = £750 per month.

 

Whatever the amount though the monthly repayment is always going to come out at a frighteningly large amount of money these days though. I'm really not looking forward to being much worse off in about two months time. :-S

 

 

All the best with it,

Bart