buy to let

[pops]

Can any one tell me if i purchased a property on a buy to let basis,  how much i would be paying back in mortgage terms on say every �10,000 borrowed on a mortgage.

 

Thank You

 

pops

[vicars]

Assuming the interst rate is 6% you will pay �50 per month - if you had a 25 year repayment mortgage the repayments would be �64.43 per month. The higher the rate the more you pay etc. Remember it is not just the mortgage repayments - you may have a service charge if the property is leasehold, water rates, void periods where you have no tenants - you are lucky these days to find a property where you can cover the mortgage and these costs on an interest only basis without paying out of your own pocket, unless you have a large enough deposit to make sure you don't, but then most people aren't doing it for the rent but rather the capital growth on the property.