mortgage payments
08-01-2010, 10:48 AM
#1
mortgage payments
right gues a hipothetical question
what would be a ball park figure of monthly repayments on a 100k mortgage
best type of mortgage to go for - time period / repayments etc
im lookinhg to buy a flat and rent but wanna know if rent would cover majority of it
what would be a ball park figure of monthly repayments on a 100k mortgage
best type of mortgage to go for - time period / repayments etc
im lookinhg to buy a flat and rent but wanna know if rent would cover majority of it
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08-01-2010, 11:03 AM
#10
Lucifer II - 666
08-01-2010, 11:04 AM
#11
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As a repayment mortgage i'd say about approx £6/700 but it will depend alot on the type of repayment mortage and your age therefeore the term you can get.
Last edited by Chris69; 08-01-2010 at 11:05 AM.
08-01-2010, 12:08 PM
#19
Too many posts.. I need a life!!
The price will also depent on wether you have a residential or buy to let mortgage? The interest on a buy to let mortgage is greater that a residential mortage and also the mortgage fees are much more for the buy to let mortgage. If you dont have a mortgage get a residential mortgage and the rent it out ti will cost you less just dont tell the lender.
08-01-2010, 12:10 PM
#20
The price will also depent on wether you have a residential or buy to let mortgage? The interest on a buy to let mortgage is greater that a residential mortage and also the mortgage fees are much more for the buy to let mortgage. If you dont have a mortgage get a residential mortgage and the rent it out ti will cost you less just dont tell the lender.
08-01-2010, 01:18 PM
#23
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I have a 120k mortgage over 23 years, fixed rate for 10. Cant remember the exact interest rate. but it works out £765ish. Insurance for me and Mrs works out about £80 month.
Hope this helps
Hope this helps
08-01-2010, 01:23 PM
#24
deffo stick to fixed rate matey. the only way the interest rate will go now is up.!
try and get the best fixed rate as possible. (sometimes lowest isnt always the best as they add a huuuge set up fee)
the time you fix the rate for can also be chosen.
i got a 106k mortgage at 3.99% fixed for 3 years last year when it all went tits up, and am only paying £550 a month.
08-01-2010, 01:36 PM
#27
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on the property i live in i have a 100k mortgage, which is on a tracker deal so only paying £116 a month, obviously this will go up when the interest rates rise.
I also have a 95k 'buy to let' mortgage on a flat i rent out and the payments are £475 a month. (if this was a resindential mortgage it would only be 375)
both of these are interest only.
I also have a 95k 'buy to let' mortgage on a flat i rent out and the payments are £475 a month. (if this was a resindential mortgage it would only be 375)
both of these are interest only.
08-01-2010, 01:40 PM
#28
............
08-01-2010, 03:02 PM
#31
............
Why?
If its a buy to let it may be best to just pay interest only to maximise his rental income, then when he decides to stop, he can sell the property and have also made a profit on the capital without having paid any of the capital off, providing the price rises over the period of his rental
Mental doing capital repayment on a buy to let unless you plan to own the property outright one day in the long term
If its a buy to let it may be best to just pay interest only to maximise his rental income, then when he decides to stop, he can sell the property and have also made a profit on the capital without having paid any of the capital off, providing the price rises over the period of his rental
Mental doing capital repayment on a buy to let unless you plan to own the property outright one day in the long term
08-01-2010, 03:09 PM
#32
unless the value goes down.
If hes been paying it off for 10 years earning on it at the same time then he sells it for 10 k less than what he bought it for he still makes a profit.
Whats wrong with that.
if he chooses to keep it for 25 years he owns the property.
If hes been paying it off for 10 years earning on it at the same time then he sells it for 10 k less than what he bought it for he still makes a profit.
Whats wrong with that.
if he chooses to keep it for 25 years he owns the property.
08-01-2010, 03:28 PM
#33
the short and long of it is that there are so many different deals out there, that you really want to get a mortgage expert out to quote you. we all have different ammounts borrowed and different interest rates / repayment methods, so you are never going to walk away with a clear and definative answer from this thread buddy.
good luck tho...
good luck tho...
08-01-2010, 03:58 PM
#36
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Gus
Watch how much profit you make. If your mortgage is say 600 and you charge £800 you are possibly tax liable for the £200 difference. You are also tax liable on the money you make on the sale of the place when the time comes. Some clever accountancy tricks such as reciepts for running repairs to the place to show you havnt made any profit on a monthly basis will do the trick here.
Watch how much profit you make. If your mortgage is say 600 and you charge £800 you are possibly tax liable for the £200 difference. You are also tax liable on the money you make on the sale of the place when the time comes. Some clever accountancy tricks such as reciepts for running repairs to the place to show you havnt made any profit on a monthly basis will do the trick here.
08-01-2010, 05:31 PM
#38
PassionFord Post Whore!!
The lender has a notifiable interest on the insurance policy that covers the property (also a condition of the loan) so if you tell the insurer that the property is tenanted, the lender can find out. But if you don't tell the insurer and the tenant burns the place down you won't have any insurance, but will still owe the lender the outstanding amount.
Finally, if you then want to buy a property to actually live in at some point in future, you won't be able to get another residential mortgage without declaring this one.
I suppose it all depends how much emphasis you place on A) keeping to the terms of the AGREEMENT you enter into, and B) how risk-averse you are.
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