Anybody good with financial stuff? How much is my mortgage likely to go up by?

[pebblesonthebeach]

We took out a fixed rate deal nearly two years ago and its due to end in january 09.
Its fixed at about 4.9%. We paid a 10% deposit so mortgage was £161,000 and monthly repayments are roughly £861 month.
Really need to know as I'm returning to work shortly after maternity leave and I want to return part time but not sure if we will be able to afford it after our fixed rate ends.

Most seem to be around the 7% mark, so 2.1% difference. 2.1% of £161k is £3,381pa, or£281 per month, assuming you haven't paid anything off the £161k, but if you have, you reduce accordingly

There are a lot of mortgage calculators available on financial websites..

I think it depends a lot on what type of mortgage you have, and what sort of deal you are looking for.

I think the days of a good 2 year fixed rate mortgage are over..

Sympathies - we are looking at remortgaging at the end of the year when our 2-year deal comes to an end, and I am dreading finding out how much more we have to eek out of our small income...

Its so scary isn't it.
7% scares the life out of me.
Ours is just a simple repayment fixed term.
Do you know the name of any of them websites Nagapie?

Depends what your new rate is - I presumed/assumed ours was going to be against the bank of england base rate, but it's against the Libor rate and it's quite a bit above it. If you ring your mortgage company and ask what your new rate is going to be then a) they will be able to tell you what your payment will likely to be (based on what you would have to pay at the moment anyway) or you could work it out from that.

charcol

money supermarket

These might be able to give you a ball park figure ...HTH

Don't forget too, that there is often an arrangement fee and legal fees that the providers charge

Can we add them onto the mortgage Nagapie? I think its going up to just over £1000 a month, god knows how we will afford it

Silly question but when it says house value, is this market value or how much you paid for it?

BUMP!

I think some allow you to add the fees to your mortgage.

Value = market value of the house

Thanks