Mortgage scenario....help please!

[the_worrier]

Ok. Just bought house for 179K. 36K deposit. 143K mortgage. 80% LTV in lovely Bromsgrove, Worcestershire.
Paying £618 per month on 3 year fix.
In 2.5 years i am due a 50K payment which is going in the mortgage at renewal.
Could someone calculate examples (useless with online calcs!) for 3, 4, 5, 6, 7%, please?
I think my mortgage advisor said after 3 years, having paid in an extra 50K with some allowed over payment we would require a renewal for 90K??

If the house valued at 200K (new kitchen/ bathroom/ dec throughout/ rising market/ some good luck! We got the house at a good price as they are in the school catchment dilemma) at renewal what would 45% LTV at the above rates serve us up? Lets assume from this point it would be over a further 15 year period.

 

[~Divine~Wind~]

just do a calc using the online ones and add 50k to your deposit?

 

[Haircut]

OK, so looking at the amounts you're quoting you're paying about 2.19% interest at the moment (assuming a 25 year term)

So, in 3 years you'll have paid about £13K of the capital off.
Add that to the £50K you'll be getting means you've paid £63K of your mortgage and will then have £80K remaining.

With a 15 year term the amounts you'll be looking at for each of the different interest rates are as follows:

3% £552.47
4% £591.75
5% £632.63
6% £675.09
7% £719.06

If you have Excel you can do all of this with the IPMT and PPMT functions.

 

[the_worrier]

Thanks Haircut! I have no idea what that is so no i couldn't!