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!
If we were to pay the bank £525 a month however for the next 25 years, that would mean we could borrow £157k!!
ARGH!
Woe for bloody banks!
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!
If we were to pay the bank £525 a month however for the next 25 years, that would mean we could borrow £157k!!
ARGH!
Woe for bloody banks!
posted by Ben F. Foster Esq. (c) @ 10:11 AM
3 Comments:
At 7:18 PM,
Paul said…
I'd suggest you contact an Independent financial advisor...
I can recommend one if you like :-)
At 3:30 PM,
Laura said…
please do...
I don't think we're in a situation where we can have a mortgage atm anyway - we don't have the deposit and I don't have a job!!! but it would be excellent to see what the financial market has to offer for first time home buyers in our sit
At 3:30 PM,
Laura said…
that was ben
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