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If I increase my mortgage by £100-120K how much extra will it cost me per month

(17 Posts)
SlightlyMadShockwave Wed 29-Aug-07 11:27:32

i.e increase from £60K to £180Kish...(we only have 15years left on mortgage and don't particular want a new 25yr term....but would consider it maybe)

Tinker Wed 29-Aug-07 11:29:27

ours is 120k and is about 850 per month

TellusMater Wed 29-Aug-07 11:30:09

We went from 80K to 138K and our payments went up by £350 ish. But that was going back up to a 25 year term. Nationwide (and other lenders as well I guess) have a calculator on their website that lets you work it out.

SlightlyMadShockwave Wed 29-Aug-07 11:30:29

£850 per month shock....won't be buying a bigger house then....

SlightlyMadShockwave Wed 29-Aug-07 11:31:32

Oh well, better tidy this one up then and forget about the extra bedroom, study, dining room, utility

<goes away dreaming>

Tinker Wed 29-Aug-07 11:33:21

Sorry, just checked - it's 70 less than that smile

throckenholt Wed 29-Aug-07 11:34:15

if you go back up to a 25 year term it doesn't mean you can't overpay it and clear it sooner. So in the short term you could have a bit lower payments and then increase them later to pay it off quickly.

If you need more space it makes sense to do it now so you benefit from it longest and (hopefully) also you buy before prices rise any further.

SlightlyMadShockwave Wed 29-Aug-07 11:37:38

I am kind of hoping prices will start to go back down over next 5 years. But keep thinking what if I am wrong....then we will never be able to move up...

SlightlyMadShockwave Wed 29-Aug-07 11:42:12

We do really need more room....but I don't really want to move to a bigger 3 bed as I would like the 4th bedroom, and don't want to move twice over 5 years IYSWIM....

LIZS Wed 29-Aug-07 11:42:38

Ours went up about £750 pm for 130k more but part is interest only.

claricebeansmum Wed 29-Aug-07 11:43:22

Also remember that the recent interest rate rises have not really filtered down (takes about 12/18 months for their full effect to be felt) and that also interest rates will most likely being going up again.

DrDaddy Wed 29-Aug-07 11:43:59

Useful mortgage calculator here

throckenholt Wed 29-Aug-07 12:49:07

any chance of extending what you have to get the extra space - it is likely to be cheaper.

morningpaper Wed 29-Aug-07 12:54:52

Extending tends to be a similar price to buying up from what I could work out from months of fcking with architects, planners and builders and then giving up and deciding we would all sleep in one room

morningpaper Wed 29-Aug-07 12:59:57

The BBC Calculator say that at 6.5% / 15 years / repayment mortgages:

60k - £531.76 per month
180k - £1595.29 per month

over 25 years, 180k would be £1229.72 per month

nailpolish Wed 29-Aug-07 13:01:02

my dh always does a quick calculation of £5 per £1000

nailpolish Wed 29-Aug-07 13:01:19

per mnth

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