Quick odd mortgage question

[toString]

I'm a bit (a lot) new to this. If I were to get a £53,000 mortgage, what would a rough monthly payment be?

I'm looking at some homebuy schemes for keyworkers. Comes with a part rent cost as well..

 

[cm1179]

i'd say about .... £300?

 

[Edrof]

I don't know about the mortgage repayment but my advice would to be wary of part buy/ part rent schemes. The service charge is quoted low at first but rises significantly and you will incur lots of charges when it comes time to sell.

 

[d_brennen]

Depends upon the rate and term. I'd say not much per month but it's all relative

 

[SoundsGood]

i'd say about .... £300?

I'm paying £438/m on £68000 if that helps

edit: 25 years

 

[Biohazard]

£345.23

 

[Demontec]

£44166.94 a month.

(based on a 5 year mortgage term @ 1000% APR)

 

[Trifid]

£44166.94 a month.

(based on a 5 year mortgage term @ 1000% APR)

Where do I sign up?


http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

 

[crazyDAJT]

using BBC calculator

Mortgage required = £53,000 (assuming this is the mortgage so you have deducted deposit? i.e. this is what the bank gives you)

repayment 25 years

5% interest rate = £313.37 (£220.83 interest only)
6% interest rate = £345.50 (£265.00 interest only)
7% interest rate = £378.99 (£309.16 interest only)

EDIT: I don't know how the banks view home buy so you may be restricted on product and interest rate available.

 

[meghatronic]

http://mortgages.hsbc.co.uk/mortgage_calculators/overview/

gives you market rates.

 

[toString]

I don't know about the mortgage repayment but my advice would to be wary of part buy/ part rent schemes. The service charge is quoted low at first but rises significantly and you will incur lots of charges when it comes time to sell.

really? surely something for keyworkers wouldnt be so shady and complicated?

 

[No1newts]

Bout £300 I would say