how much do u think it would be for the cheapest two bedroom house in surrey coz then i have to divide it by twenty five as thats how many years it takes to pay it back
2006-08-01 04:16:39 · 14 answers · asked by kim in guildford 1 in Business & Finance ➔ Renting & Real Estate
it had better be one damn good HOSE, if you need a mortgage
2006-08-01 04:21:20 · answer #1 · answered by HarryBore 4 · 0⤊ 0⤋
you can get a 2-bed in the Redhill area for about £175k if you look around. Also try Merstham and the grottier parts of Croydon.
Monthly repayments depend on how much deposit you put down and thus how big the loan is. My mortgage is £95k and I pay £670 a month. As to whether you can afford to pay the loan, your potential lender will be able to tell you, taking into account your other commitments and your income, whether you can afford it or not. They won't lend unless they consider the repayments to be affordable. If you're already paying a similar amount in rent, a mortgage should be affordable between you. I would contact an independent broker first off to find out what you can borrow.
2006-08-01 12:41:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I should think you could get a hose for around £10 - try B&Q. ;-)
Assuming you have to borrow more or less the whole amount of £200,000, which I think would be a reasonable minimum budget for a 2 bed house in Surrey, then your mortgage repayments would be around £1200 per month.
2006-08-01 11:29:07 · answer #3 · answered by Graham I 6 · 0⤊ 0⤋
Supposing the property cost £180.000 and you had a 100% mortgage as first time buyers (depending on your circumstances) at a rate of 5.09% (interest only) your monthly repayments would be £763.50. Its whether you can afford this repayment per month. Good Luck - SLF -Just an observation - if you are paying £650 per month for 95K you are paying extremely high interest - have this checked sweet.
2006-08-01 14:07:15 · answer #4 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
It depends on your deposit as to how much you will be able to raise. It may be worth considering going interest-only for a couple of years until you can afford to up your payments to a repayment mortgage.
Other than that, have a look at housing associations offering shared equity housing in your area, like sovereign or Knightstone Housing. that way, it may be easier to get on the ladder.
2006-08-01 11:31:01 · answer #5 · answered by voodoobluesman 5 · 0⤊ 0⤋
You should go talk to a mortgage broker or bank. And yes, remember the interest! On a 200,000 house, you'll pay about 224,000 more in interest alone - for a total of 424,000 over 25 years.
2006-08-01 11:29:06 · answer #6 · answered by Postee 2 · 0⤊ 0⤋
Seek advice as your understanding in the mortgage game seems very limited
2006-08-01 11:21:34 · answer #7 · answered by Anonymous · 0⤊ 0⤋
A lot!! I would say at least £200,000. You also have to add on the interest you would pay every month
2006-08-01 11:20:07 · answer #8 · answered by OriginalBubble 6 · 0⤊ 0⤋
hoses are cheap at sears...
anyways, why would u buy something u cannot afford to pay back? its as simple as that. buy something cheaper. are you 16?
2006-08-01 11:23:41 · answer #9 · answered by VanillaIce 3 · 0⤊ 0⤋
You need a mortgage to buy a hosepipe? Damn, didn't know that those suckers were that dear!
2006-08-01 11:39:43 · answer #10 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Study the housing market well before you buy. look at rightmove.co.uk
2006-08-02 05:30:56 · answer #11 · answered by Frank M 3 · 0⤊ 0⤋