iBlog: Mortgages 'n' that.


Tomorrow's blog today

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!

If 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!


  • At 7:18 PM, Blogger Paul said…

    I'd suggest you contact an Independent financial advisor...

    I can recommend one if you like :-)

  • At 3:30 PM, Blogger 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, Blogger Laura said…

    that was ben


Post a Comment

<< Home