First House

[Laurafoster]

My fiance and I are getting are first home soon!

I just have a question though about Mortgages. Im totally clueless about them really and i just wondered what an average payment is? I think the mortgage amount will be around £150K give or take, i just wanted an idea of how much i should expect to pay per month?

 

[Claire L]

If you get a fixed rate for 2/3 years of about 4.8% then expect to pay about £860 a month not including Life or house/contents insurance.
BTW thats for a repayment mortgage.
Claire

 

[florida sun]

Congratulations on getting you first home together

 

[wilma-bride]

I would say probably a bit more than that - ours is a fixed rate of 4.25% on £128K and we pay just over £840 a month.

Your best bet would be to find an independant mortgage advisor, who will let you know what your options are and what you can expect to be paying

It's really exciting buying your first home

 

[Claire L]

I would say probably a bit more than that - ours is a fixed rate of 4.25% on £128K and we pay just over £840 a month.

Your best bet would be to find an independant mortgage advisor, who will let you know what your options are and what you can expect to be paying

It's really exciting buying your first home

Wow thats alot! I used the mortgage calculator on Charcol and it is accurate as our mortgage works out right on it. Mind you the quote I gave was over the standard 25 years so if the term is any less it will be more per month.

It shows £128000 at 4.25% over 25 years as £693!!!


Claire

 

[wils]

How exciting!

Let us know how you get on house hunting

 

[jns]

Have you found the house you like yet

Good luck to you both

 

[wilma-bride]

Wow thats alot! I used the mortgage calculator on Charcol and it is accurate as our mortgage works out right on it. Mind you the quote I gave was over the standard 25 years so if the term is any less it will be more per month.

It shows £128000 at 4.25% over 25 years as £693!!!


Claire

Good point Claire - completely forgot ours was a non-standard term. I think we only took it over 18 years when we remortgaged. I may well have got the interest rate a bit out too as DH didn't think it was that low

 

[Minniespal]

Very exciting buying your first home ~ Hope all goes well.

 

[Funniebunny]

Good look guys. I hope you find the house of your dreams

 

[vicky1bfc]

What an exciting time,good luck

 

[KayleeUK]

Exciting times for you

 

[Ware Bears]

Happy househunting!

 

[kristieuk]

It's a very rough estimate, but I always work on the basis that for every £100k you borrow, you'll pay around £600 / month in repayments on a 'normal' mortgage over 25 years (or you can work on £60 / month for every £10k).

A lot of the financial websites have mortgage calculators so you can see your repayments and also look for the best mortgage for you. Try http://www.moneyexpert.com/partners/tim/mortgages/index.asp

Happy house hunting !