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Can I ask how much your repayments are on 150k mortgage?

(14 Posts)
bringbackopalfruits Mon 13-May-13 16:24:43

Even better if it's buy to let. We need to remortgage a flat we can't sell as we have tenants in till mid next year. It's worth about 210k but we don't need that much. It's mortgage free at the mo.

Any general ideas would be fab, we need to work out how much we can spend on our "forever" home!

LadyKooKoo Mon 13-May-13 16:48:06

I think this could be a ‘how long is a piece of string?’ question as would entirely depend on the rate that someone was on. You need to take into account the fact that most buy to let mortgages will require a minimum 75% deposit and there are lots which require 60% so you will be cutting it fine if you want to borrow £150k against a value of £210k. Have you thought of selling the property with the tenant in situ?

Skinnywhippet Mon 13-May-13 16:49:27

Depends on your deposit, rate and your term? Tell me that and I can wack the details into a mortgage calculator.

Skinnywhippet Mon 13-May-13 16:49:55

Sorry, just saw you have a 60k deposit.

AliceWChild Mon 13-May-13 16:52:40

Mine is £280 for about £86k ltb but that's interest only and 80% ltv. For various reasons we couldn't get the best deals. It really does depend on so many things. My 140k residential fixed rate is £680 again I think at about 80%

Skinnywhippet Mon 13-May-13 16:53:24

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

I used this. Put your details in as 150k mortgage, over 20 years with 3% interest and the results showed about £840 a month.

loveulotslikejellytots Mon 13-May-13 16:54:19

We don't have a but to let, we have £140k mortgage with a 15% deposit, over 30 years at 4.25% fixed. This is capital re-payment not interest only. We pay just under £600 a month.

sweetheart Mon 13-May-13 16:58:38

We have a BTL interest only at 3.89% the repayments are just short of £500 a month

bringbackopalfruits Mon 13-May-13 17:01:10

Interesting, thanks guys. We don't want to sell yet but maybe next year. We might be able to get away with borrowing 100k. I can't quite believe we're in this situation having been mortgage free for years but house prices here have shot up and to buy a family home we need more money. angry

Tigresswoods Mon 13-May-13 18:30:50

You need specific advice on BTL mortgages as the rent needs to cover the mortgage by 125% in a lot of cases.

I know because I advise on such things.

bringbackopalfruits Mon 13-May-13 19:16:00

The rent is just over £1100 a month so repayments could be up to about 900 a month? <maths is not a strong point!!>

OrmirianResurgam Tue 14-May-13 12:16:55

788. Mortage of 149k

Badvoc Tue 14-May-13 12:32:57

890 mortgage of £153k

LadyKooKoo Tue 14-May-13 12:40:12

175k with 25% deposit. 744 per month.

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