how much is a £240.000 mortgage per month ?

[AlmostAnAngel]

just wondering how to get a rough idea thank you

oh god, that's all gobbledigook to me tabs! this is why i am dreading it! lol

I dont know how anyone can afford a mortgage right now!

Just on DH's wages and my benefits, we could only get a mortgage for £90K - that would be £560.00 a month repayments and would buy a shoe box!

Starlover - Interest only is literally that, your monthly payments only pay off the interest on the loan, so you start of with an £180k loan and after 25 years (or whatever duration you choose), you still owe £180k. It doesn't pay the actual loan off.

Repayment pays of both the interest and the loan, so every month, the amount you owe to the mortgage lender drops.

Tabs - All those calculations were for repayment mortgages, rather than interest only.

Jessica&bumpsmummy - Couldn't you increase the term from 25 to 30 years? That brings it down to around £470 per month.

hmmm interesting. can you have interest only for like 5 years and then swap to a repayment one?

Starlover - Yes, but when you switched mortgages it would be for the whole amount again IYSWIM.

Starlover - As long as you are not tied into a deal (like fixed rate for 5yrs etc etc) then you can change mortgages whenever you like!

yeah i think so... i am so crap with money stuff!

as i say, before they would only offer us about £130,000... but do you think if we go in and say we NEED £180,000 they would let us?

There are some mortgage lenders that will loan on ability to pay rather than income multiples. We have a mortgage with Nationwide that was based on our ability to pay it. I would go and see a mortage broker as they can search for appropriate deals to suit your circumstances.

You can still get out of 'tie-in' mortgage deals but there is often a very hefty financial penalty for doing so

starlover, if the mortgage lender was happy that you could cover the repayments every month, then they would lend you £180k. But they won't be swayed by you simply telling them that you need £180k, unless you can prove you can pay it back.

Errring on the side of pessimism for a moment (and asssuming that you haven't been accepted for a £180k mortgage or had a big change in financial circumstance), the leap from being accepted to borrow a max of £130, up to being lent £180k is massive. I wouldn't be massively confident of a lender allowing it, TBH.

i mean, going on the online calculators which puts repayments at around £1040 then we can easily do that

at the moment we are paying £500 rent and £600 into a savings account (for our deposit) which means we are paying £1100 a month right now.
we can prove this easily... so do you think that would convince them?