cookstar

iTrader: (6)

How much capital (after all interest payments) would you have paid off of a standard repayment mortgage after the first 12 months?

Amount initially borrowed £155'000.


Cheers

Coffin Dodger

Wouldn't like to say exactly but we borrowed £150k and after the first year had a balance of £149k, so £1k

Has come down a bit more in the second year though

stilover

Probably about £2k

warrenm2

how long is the mortgage over?

P1-Brad

Depends on the term of the mortgage ... assuming 25 years about £3k ... this example may help The Mortgage Calculator - www.theMortgageCalc.co.uk

cookstar

iTrader: (6)

Great link, just what I was after.

MikeCardiff

iTrader: (2)

Our mortgage is £164K over 25 years, after the first year we had paid back about £2800 off the capital ( from mortgage payments of over £1000 per month ! ).

Your mortgage company should have given you some paperwork that breaks it down year by year to show how the balance between interest and capital changes over time ( the last few years are a lot more heartening than the first few !!! ).

Luminous

iTrader: (3)

I think you may also have to fact in any arrangement fees, valuation fees, admin fees, fees on fees, and other fees that may have been added to your mortgage when you took it out. Its not uncommon for these fees to be added onto the mortgage to help reduce your initial amount of capital requirement. Therefore quite a bit (if not all) of your first year payments effectively clear only these.