mortgage repayment for 100.000

[lewislewis]

need to borrow 100000, how much would we need to pay back?

[jampots]

100,000 plus interest

[Blackduck]

totally depends on interest rate......try something like charcolonline.com and get an idea..

[Twiglett]

depends on the deal you want .. fixed, variable, low-start? how much equity? first or 2nd mortgage on same property?

[Twiglett]

check out a mortgage calculator there's loads on the net

[ScummyMummy]

Basic calculator here might give you a general idea.

[lewislewis]

I used a mortgage calculator on the net and it says that at 5% interest over 25 years it will be about 600 a month which seems like a lot. do any of you pay a lot less?

[Blackduck]

sounds about right to me....but you could get a deal at less than 5%

[lewislewis]

scummy mummy that is the one i used. not happy iwth a 600 quid monthly repayment.

[lewislewis]

maybe 4%?

[Blackduck]

try www.charcolonline.com (they search through a range of mortgages and show what is available...)

[toothyboy]

Mine is down to about 90,000, we pay just over £600 per month on a rate of 4.99%.

[WestCountryLass]

Our previous mortgage was for £100K and we were paying £513 a month, if that helps. You can go to lenders sites and do mortgage calculaters on their products btw.

[Twiglett]

you should make sure you can afford it if it goes up to say 6% or even 7% if you are considering getting a variable rate one

[fqueenzebra]

£621.24, 25 years, repayment, 5.5% rate (from bbc calculator ).

DH is telling me he has friends who got a £130k mortgage, which is interst only (£700/month), and it's up to the buyers how/whether they pay off the capital in 25 years, madness!!

[shrub]

we went through london and country 15 months ago(the only brokers that don't charge commission) and got a £100,000 mortgage with abbey at a discount variable rate over 2 years. It costs £380 a month but its interest only which is the only way we could buy the house we wanted and which lets me stay at home to bring up our 3 boys. with the mortgage we have the option at any time for £30 to switch onto the repayment which we will do when I'm back at work and/or if my dh gets a promotion/payrise.

[lewislewis]

thank you shrub that sounds very interesting.

[Janh]

When we first got our mortgage (1983) the interest rate was c 10% and the rule of thumb was £10pm per £1000 borrowed, so £100,000 would have been £1000pm - £600 sounds quite reasonable!

[lewislewis]

i know it's reasonable, i just feel skint these days.

[Janh]

Well interest rates are supposed to be going down again in the near future, but over 20-25 years they could easily go up again as someobody has already mentioned, so don't over-stretch yourselves, will you? Could you manage with less than £100,000, or is the £600pm OK and you just don't want to pay it?

[QueenOfQuotes]

we've got a £110,000 mortage over 25yrs (haven't got a clue the rate) and pay about £700 a month (I think)

[Ladymuck]

Err we've got an interest only mortgage which I guess is around £120k, and we pay around £450/460 a month interest, and that rate is above the odds because our mortgage is flexible. £700 per month interst only seems extreme.

One of my colleagues has gone interest only, and is relying on his parents inheritance to pay off the capital at some point in the future!

[QueenOfQuotes]

oh forgot to add - ours is a repayment mortgage - interest only not what we wanted

[lewislewis]

i am not working at the moment and my partner works freelance, but we should be able to manage 600. It does seem like a lot to me, but as I said without a job I feel very poor.

[Toothache]

Lewislewis - Why don't you increase the term to 30 yrs? Thats what I'm planning to do. I was expecting to pay around £600 per mth on a £100k mortgage. But my friends have managed to get one for £500 per mth over 30yrs. Depending on your age you could increase the term up to 40yrs!

[lewislewis]

oh dear, i am not that young, also we have already inherited from our parents so it is not as if we will get a windfall in 30 years. The secret might be to borrow a bit less....thank your for precious advice.