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£500,000 mortgage - can anyone give me an idea what the monthly repayments will be?

(65 Posts)
MortgageEnquiry Sat 29-May-10 20:40:13

Message withdrawn at poster's request.

geordieminx Sat 29-May-10 20:41:37

a lot

SambuccaKelly Sat 29-May-10 20:41:37

Jesus, huge.

What sort of mortagge - fixed rate, tracker etc?

Our mortgage is about half of that. We pay about £1500 a month.

GiraffeAHolic Sat 29-May-10 20:42:24

depends how long it's for?
repayment or interest only?
the interest rate offered by your mortgage provider?

PussinJimmyChoos Sat 29-May-10 20:42:30

It depends - how much deposit do you have, are you going to have a fixed rate, repayment or interest only, how long will the mortgage term be......as a guide though, I reckon you'd be easily in the £1500+ pcm range

Littlefish Sat 29-May-10 20:42:52

Interest only, or repayment?

rubyslippers Sat 29-May-10 20:42:58

£5 k a month?

gettingtogrips Sat 29-May-10 20:44:02

Use a 'mortgage calculator' online, just Google for one.

geordieminx Sat 29-May-10 20:45:19

Assuming you borrowing 75% of the property's value, over 25 years... about £3200.

It used to be £5 for every £100 you borrow or something like that but it doesnt work anymore

ShowOfHands Sat 29-May-10 20:45:44

Here

BigBadMummy Sat 29-May-10 20:45:45

I once read that a very rough rule of thumb is £5 per £1000 borrowed.

Our mortgage is a bit less than that but it is an interest only.

geordieminx Sat 29-May-10 20:46:01

calc here

tomme Sat 29-May-10 20:46:03

I have interest only £387,500 mortgage on about 6% fixed rate costs over £1900 pm

gettingtogrips Sat 29-May-10 20:47:33

e.g. a 25 year repayment mortgage at 5% would be £3,000 per month

MortgageEnquiry Sat 29-May-10 20:49:56

Message withdrawn at poster's request.

twolittledarlings Sat 29-May-10 23:19:16

We will be getting a £500K mortgage and the repayments for us are £3.3K a month on a 19 years remaining mortgage for a repayment mortgage with Santander for 5 yrs fixed at 4.99%

TheNextMrsDepp Sat 29-May-10 23:21:01

MaHOOsive

noddyholder Sat 29-May-10 23:23:23

shock David cameron has said today IR will have to rise to tackle inflation so be careful 3k could fast become 4

DuelingFanjo Sat 29-May-10 23:27:09

Surely it will depend on the rate you get, the length of time you have the mortgage for and the amount of deposit you have?

mumoverseas Sun 30-May-10 14:45:36

christ, why on earth would you want to get a mortgage that big? HUGE pressure on you!

ampere Mon 31-May-10 11:17:09

But morgageenquiry might be much richer than us in the first place grin...

mumblechum Mon 31-May-10 11:25:01

We got a £500k mortgage and the payments varied from £4.23k at first down to about £3k at the moment, but we always massively overpay ours, which will have taken 11 yrs by the time it's paid off in a couple of months.

I'd definitely recommend a fixed rate the way things are looking. And I wouldn't go interest only if I were you.

£500k isn't that much if you have a good income. Would it be possible to get redundancy protection?

nancydrewrocks Mon 31-May-10 11:30:10

Depends on the deposit if you can put down a 40% deposit then you can take advantage of the best rates assuming you need to borrow an extra £500k on top of your deposit then you would be looking at repayments of about £3k based on a repayment mortgage.

biscuitsandbandages Mon 31-May-10 19:50:39

mumblechum - I'm impressed, whats a good income? I'm obviously in the wrong profession as that sort of mortgage payments are way out of our league! (genuinely interested not taking the piss)

TheCrackFox Mon 31-May-10 20:01:45

I think it would be very difficult to get an interest only mortgage at the moment.

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