If your mortgage is around the £150-170k mark what's your monthly payment?

(20 Posts)
Dumbled Wed 14-Sep-16 07:43:40

We are trying to move house. We already have borrowed £96k and looking to borrow an extra £50-70k to extend the new house
When I checked the mortgage providers calculator it said our repayment would only be extra £30- £70 a month.
But our broker says figures in reality are more like

£125 more a month to extra £175. So £605 or £655 a month
Seems a long way off from what the calculator says.
Does these figures above seem right? Or high?
What do you pay per month and which lender is it? Thanks!

Perfectlypurple Wed 14-Sep-16 07:46:49

It depends on a lot of things. What interest rate, if it is fixed rate, how many years etc. Ours is 940 a month for just over 140k. It could have been less but we reduced the length of the mortgage.

LaundryQueenHatesIroning Wed 14-Sep-16 07:47:10

I think we have about £170 left on outs and we pay £772 a month.

LaundryQueenHatesIroning Wed 14-Sep-16 07:48:01

*ours

And that's through Virgin Money.

Aylish1993 Wed 14-Sep-16 07:51:16

We pay £565 on a mortgage of £142,500 that's with natwest

HellsBellsnBucketsofBlood Wed 14-Sep-16 07:52:21

About £950 on a balance of 170000.

Shinyshoes2 Wed 14-Sep-16 09:19:37

£799.00 on a balance of £191k ....Natwest

jaffacakes16 Wed 14-Sep-16 09:26:32

By borrowing more you will have a higher loan to value ratio which is basically how risky your lending is to the bank. As it is higher they are likely to put you on a different mortgage rate hence the higher payments, it won't just work pro rata.

CotswoldStrife Wed 14-Sep-16 09:35:32

So you've already asked a broker but don't believe his figures?

I'd think the figures that you have quoted (600-ish) would be on the low side, tbh. Depends on the interest rate and the length of the loan though.

jaffacakes16 Wed 14-Sep-16 10:46:00

Dumbled also remember that interest rates are low at the minute so at some point in the future will increase. Also sometimes your own bank will give you a better deal so check out what they have to offer as well as the broker.

Sorry I'm not really answering your question but hopefully the general waffle is of use!

SheldonsSpot Wed 14-Sep-16 10:47:12

We pay about £490 but we have a massive amount of equity and a really low interest rate.

Dumbled Wed 14-Sep-16 12:45:14

Wow the figures are higher than I thought pcm.
Maybe this deal is good after all- just disappointed based on the online calculator.

Dizzydodo Wed 14-Sep-16 12:45:46

£695 on a £170k mortgage with £50k deposit

FlemCandango Wed 14-Sep-16 12:48:33

We pay £1200 / month on a £178k mortgage with 15 years left

We pay £856 on £185k (fixed for 5 years at 2.79%)- Skipton BS.

PuraVida Fri 16-Sep-16 23:24:39

We've got a mortgage for around £170k and pay £850 a month with about £40k equity. That's over 25 years

LugsTheDog Sat 17-Sep-16 10:08:46

Either way they sound low to me.

Are you using a calculator for mortgages to fund building works? Maybe the fact that it would be to spend on part of the house that's not built yet means extra risk for the mortgage provider, and therefore less favorable rate than if you were just buying a different house for £50-70k more?

Also am I missing something? If you paid an extra £50 a month that would be £600 a year, or £15k over 25 years. You can't pay off an extra £60k on £50 a month surely. Is this an interest only mortgage?

conkerpods Sat 17-Sep-16 20:40:45

My mortgage is £169,000 and I pay £716 a month (2.69% fixed for 5 years).
I have 25 years left and the house is worth £600k now.

DropZoneOne Sat 17-Sep-16 22:58:44

Ours is 50% repayment and 50% interest only, and has just reduced to £450 a month. We're on a very low tracker mortgage agreed when rates were much higher so we know we gave a great deal. Any changes would scupper that arrangement!

sall74 Sun 18-Sep-16 09:45:21

Some eye watering figures being quoted here, either there are lots of very high earners or people must be paying huge proportions of their incomes just to put a roof over their head.

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