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Original poster

How much do you pay for your mortgage?

47 replies

spinelli · 10/03/2005 13:47

Sorry to be nosy.. but i guess we are all anon so any way. .. We have a 280,000 mortgage and our payments have just gone up to 1600 a month.

Is this over the odds. I know we had trouble getting a mortgage because my dh has an old ccj from being too scatty! Its so annoying . Are we paying a lot more?

BTW does anyone know if I take the proof that we have paid the ccj down to the courthouse is it wiped off. I know it will be marked as satisfied but does this mean his credit rating will improve?

OP posts:

Mum2Ela · 10/03/2005 16:21

toothache - serious?

I have a £55k mortgage and atm we pay bout £470, tho i know its recentlt gone up due to our tiein deal malarky. Think it also depends on the time period ypur mortgage is over.

janinlondon · 10/03/2005 17:21

We have £59,000 oustanding and pay £750 a month -but none of it is interest and we set the amount we pay to achieve our self-appointed deadline for paying it off.

Original poster

spinelli · 10/03/2005 18:48

Oh dear! Ours is interest only. Is that bad then?

OP posts:

CountessDracula · 10/03/2005 20:07

It means that once you have paid off the interest you will still have the capital sum left to pay (ie 280k). Do you have an ISA or endowment or something to cover it?

How long was the initial term of the loan (doesn't matter how many years left to go, just need to know how long it was when you took it out or re-financed it) If you tell me that I can tell you your interest rate.

helsi · 10/03/2005 20:11

spinelli,
dh had a CCJ. You cannot (to my knowledge) get the ccj "wiped off". I believe that once a ccj has been satisfied for 6 years they are not frowned upon as much and are "ignored" a bit more.
We have just remortgaged. Our original one was with a company who charged over the odds for having adverse credit as no other lender would touch dh. After 6 years of the CCJ being satisfied we have reapplied to a "high street" lender and they have accepted us. My new mort is £85k with repayments at £559 per month.

Have a word with an INDEPENDENT financial advisor - they will be able to find you a better deal I'm sure.

Amanda3266 · 10/03/2005 20:13

No mortgage at present but £575 rent a month. At present we really can't afford a mortgage and don't earn enough to qualify for a big enough mortgage to buy a rabbit hutch. However, we are in a nice three bedroom house, huge garden, several large trees to the side of the garden and a stream with moorhens on it under the trees. If I could live here forever I would.

lavenderrr · 10/03/2005 20:15

don't know too much about this stuff but have recently spoken to a financial adviser who quoted £1300 a month, all inclusive for a £170,000 house...

An interest only mortgage personally I think is a big gamble, unless you have a very good way of making the whole of the mortgage up after the 25 years...it does mean like my sister has told me that you can live in a bigger house than if you paid a mortgage repayment one...but having to find £280,000 after 25 years is a lot of money...not in a position to advise, could you consider talking to adviser and seeing how much a repayment one would be...

helsi · 10/03/2005 20:16

Amanda - if you can pay 575 for rent could you not find a mortgage for a similar amount?

Bonkerz · 10/03/2005 20:18

we have a £30,000 mortgage and pay repayment of £180 per month and have 16 years left. Dont know what any of that means!!! Dh deals with it all!!!

lavenderrr · 10/03/2005 20:19

wheresmyfroggy · 10/03/2005 20:20

You seem to be paying over the odds if you are interest only, but if you had trouble getting a motgage in the first place you probably weren't eligible for some of the better rates (i also think that interest only mortgages have slightly higher rates compared to repayment anyway but cant be sure)

Amanda3266 · 10/03/2005 20:21

Hi helsi,

No - it all depends how much you earn apparently. We can borrow up to £100k on what dh and I earn but that buys nothing here. Never mind - we're happy.

Newbarnsleygirl · 10/03/2005 20:23

We have £91,000 mortgage and pay £550.

helsi · 10/03/2005 20:23

thats good NBG

Mirage · 10/03/2005 20:24

Ours is currently £33,000 at about £270 a month.When we move it will go up to about £600.It'll be white bread & beans for the Mirage family for some time to come!

lavenderrr · 10/03/2005 20:27

Hi Mirage, sorry to go off at a tangent but how's your gardening business going

emmatmg · 10/03/2005 20:30

Another tangent....glad you've changed your name back Lav. Not being sarky really mean it.

lavenderrr · 10/03/2005 20:36

cheers

emmatmg · 10/03/2005 20:43

Newbarnsleygirl · 10/03/2005 20:45

Was cursing when my mum told me they'd just paid their last mortgage payment this month

helsi · 10/03/2005 20:57

NBG my M&D just done the same thing. Have sold their house for £425000 (they bought it for £57000)and have bought a bungalow for 240000 so they will have no mortgage AND money in the bank.

Mirage · 11/03/2005 09:16

Hi Lavenderr-glad to see you back again .
Work is going great at the minute-I have only been back for about a month,as my main work is March-November.I can't take on too much as I am due to have a baby in early June,but have doubled my hours & have had to turn work down as well.

What are you doing now?Did you start working for yourself? We will have to start another thread & stop hijacking Spinelli's.[sorry Spinelli]

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