iBlog: Mortgages 'n' that.


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Thursday, November 09, 2006

Mortgages 'n' that.

According to the Abbey mortgage calculator, La and me can borrow 48k with a 5% deposit. I calculated the deposit to be £2400 which leaves an amount of £45,600 (less interest).

That means we pay 47k over 25 years
That means we pay 1900k a year
That means we pay £160 a month...

but we pay £525 a month in rent!

I we were to pay the bank £525 a month however for the next 25 years, that would mean we could borrow £157k!!


Woe for bloody banks!


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