Those of you who have 160k mortgages...........how much are you repaying each month ??

[MyFriendGoo5]

Apparently 160 is.the maximum I can borrow........I've started to mooch about online looking at mortgage planner thingthings but when I put my details in I get stupidly low repayment results which don't add up.

As in under £500 a month on a 25 year mortgage. Does.this sound right ?? It's all new to me.

What's the point of an interest only mortgage?

The only way I could get that £500 to work with the calculators was with a rate of 1.63% over 35 years which is a bit optimistic.

What's the point of an interest only mortgage?
To keep costs low. Ok-ish if you have another way to repay the capital.

£500x12= £6000

£6000x25= £150,000

So if you can get £160,000 for 500pm over 25yrs I'd take it!!!

baby OP hasn’t mentioned 25 years though...

We owe 162k over 28 years and pay £618 a month.

I don't get why some of you are paying over 35yrs! You'll pay thousands more in interest. We pay 1000 a month on what was 164k mortgage. We have reduced our term and now have 110k to pay and 10 years left. Try to keep the term as low as you can possibly

She mentioned a 25yr mortgage in OP

baby

Mortgage of 140 and pay 750 a month

Forgot to add ours was a 21 year mortgage

Arkos
Some people re only going to be able to afford the monthly payments if they borrow over a longer term.
Of course it better to borrow over a shorter term if you able to be it’s not really that hard to imagine why it’s not possible for everyone is it

We pay approx. £960 per month on a £150k(ish) mortgage but that's only over 14 years.

gamerwidow you put that a lot more politely than I would have

£161k over 35 years - I pay £650/mth. 90% LTV.

Mortgage £123k over 26 yrs is £507/month. 63%LTV

Try to keep the term as low as you can possibly

I think it very much depends how you view a mortgage. We could pay a lot more a month but I'd rather slightly overpay and put the rest of our available money in savings. If things are hunky dorey we can steadily reduce the mortgage and build up savings for other things (e.g. replacing the car or boiler if need be). If things go kaput we have a bit of a buffer already on the mortgage but can whack a load of savings at it if need be. Gives more flexibility than paying maximum possible on mortgage to reduce the term. Mortgages tend to have very low interest rates on them so paying them off as quickly as possible is not always the best choice financially. Buffers are useful.

We did the same. We overpay a little each month and have paid the odd chunk off. But we haven't shortened the term in this climate because not doing so gives us the flexibility to reduce our payments should be need to.

Similarly, if I was 25 and starting out I would think very little of a 35 yr mortgage, in theory still paid off before retirement

www.google.com/search?q=mortgage+calculator&oq=mortgage+calculator&aqs=chrome..69i57.7222j0j4&client=tablet-android-sonymobile&sourceid=chrome-mobile&ie=UTF-8

Google mortgage calculator says about £700 to £800 pm for 160k repayment mortgage over 25 years depending on interest rate.

It is not so much the balance of the mortgage that affects your repayments, but the loan to value (ie how much as a percentage your deposit is).

My mortgage is around £163,000 with 33 years remaining and I am paying around £505 a month, although my deal comes to an end in 2-3 months and it looks like the repayments will go up by around £30 a month. We have quite a lot of equity in our house though - over £100k so we have a pretty good deal.

I am self employed (funnily enough I am a mortgage broker), my income can be good one month and low the next (January is a bad month to be a mortgage broker) so during certain months of the year I pay what I have to, during the good months I pay what I can...thats the theory anyway, although with a 2 year old we seem to spend the extra on her.

Have a chat with a mortgage broker if you are unsure, there are potentially ways to get that £160k higher if that is what you prefer. But I prefer to work off what you can afford rather than what we can get.

£164k over 28 years and we pay £654 per month

735/month on 30yr mortgage for 168k