I am currently paying £250 (incl. basic house insurance) for my mortgage. I have had it now for 10 years and have been told this is too much. I am very keen to receive answers
2006-07-10 08:18:06 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Over what period of time is the mortgage for?
A 25 year mortgage with the Coventry BS will cost you £124 a month for a £21000 mortgage.
2006-07-10 08:22:56 · answer #1 · answered by Perfect Prince 1 · 2⤊ 0⤋
How much it costs depends on the interest rate charged by your bank. I'm not sure what the going rates are in the U.K., but in the US they're around 6%. You'll need to get your rate from your loan paperwork. Microsoft Excel has a built -in template for figuring out mortgage payments. Pick "new" and "template" and (depending on version) find the "Loan Amortization". You can enter different amounts, interest rates and terms (number of years). It will calculate the monthly payments based on the typical mortgage payment plan. You then have to add in any fees and/or insurance you pay along with the loan payment to get your expected monthly payment.
2006-07-10 08:30:21 · answer #2 · answered by dirtyrubberduck 4 · 0⤊ 0⤋
Ours is about £140 a month over 15 years. There are loads of online mortgage calculators, but try IF.com, we had an excellent deal with them on the same size mortgage a few years back
2006-07-10 08:23:52 · answer #3 · answered by welsh_witch_sally 5 · 0⤊ 0⤋
Very quick calculation 21,000 over 25 years interest only on a rate of 5.79 = £101.33 per month. 21,000 over 25 years on a rate of 5.57 repayment mortgage £134.18 per month. Yes you are paying alot. If you have clean credit you should not be on this rate. Hope this helps
2006-07-10 08:31:52 · answer #4 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
My mortgage is roughly 21k and I pay £130 a month with Abbey
2006-07-10 09:33:03 · answer #5 · answered by David R 5 · 0⤊ 0⤋
Holy c**p, I've got a much bigger mortgage and paying less each month as you over probably a shorter term! Go change your mortage with www.egg.com!
2006-07-10 08:22:25 · answer #6 · answered by bigscary_monster 3 · 0⤊ 0⤋
Reckon your being robbed by your current lender mate.
Shop around quite a few lenders will cover any charges for swapping - check them out.
2006-07-13 07:26:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
way too much for 21K, i pay less than that for a 40K one. Lookink to knock about 100 quid pm off it i reckon, shop around for a better deal
2006-07-10 08:22:55 · answer #8 · answered by enigma_variation 4 · 0⤊ 0⤋