mortage question
looking at buying a house for 50k up north and was wondering if anyone has any rough idea if i took out a mortage for 40k what the possible lowest monthly payments could be on the house? as im thinking of letting it out for around 300 a month and a mortage of 100 or below per month would be ideal to make renting it out worth while.
Borich |
you are looking at about £250 a month on a repayment mortgage.
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have a look at www.charcolonline.co.uk to see what kind of deals you could get
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would it be possible to get a mortage to get the monthly payments down to 100 a month not fused if its a 50 year mortage with high interest.
Borich |
no idea about 50 year mortgages. it would work out very expensive in any case.
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Presumably to keep the mortgage payments low, you'd be going for an interest-only mortgage.
...in which case, the mortgage payment remains the same no matter how long or short the term of the mortgage :D The capital is not decreasing over time you see. The interest on a 40k mortgage is £166.67/month with a 5% interest rate. You'd need the interest rate on the mortgage to be 3% to only pay £100/month. You may get 3% on a short term deal, but there'd be some tie-in at the end. You're going to have to decrease your profit margin..... |
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