Mortgages

[ailsaht]

Could anyone tell me what the monthly repayments on a 20 or 25 year mortgage of approximately �100,00 would be, I am thinking of moving and am wondering what I can afford.

[tali122]

ive got that amount (25years)with the halifax and its circa �575pm

[oldwoman]

http://www.bbc.co.uk/homes/property/mortgageca lculator.shtml

[angeldraws]

It depends also on the Loan to Value risk - that means how much you borrow, against how much the property is worth. If you borrow the whole amount - 100% - then it may cost more for monthly repayments, as the Building society/bank will take into account how much they have to lose if you default (don't pay) on the repayments.
If you have a deposit to put down then the difference could be quite significant in repayment amounts. If you are a first time buyer, some home sellers provide a loop-hole whereby they will pay the deposit for you, (for example, if the house is on the market for 100,000, they may agree to pay X,000 for your deposit - this will effectively be a reduction in the asking price of X,000, but at the same time provides a step onto the property market) so it can be helpful.
It also depends on what the interest rate is at the mo. For each 0.5 percent rise i think it is approx 15GBP extra on monthly payments (or reduction if the rate decereases, obviously.....) it can be quite confusing for first time buyers....sorry to bore you if you're not a firsty!!!!!