What would be monthly payment on 170000 mortgage with 5% deposit?

by , 26 Nov 2011

Answers

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That's going to depend on the repayment vehicle you choose plus the interest rate that your proposed lender charges, which presumably is quite high for that percentage advance. Don't forget that you need to factor in life assurance cover and buildings/contents insurance too

by Jazzj, 26 Nov 2011

Just to add to Jazzj's answer...

1) The mortgage is the amount of the loan i.e. the amount you borrow after you've paid the deposit. Do you have a mortgage of ?170,000 or is that the price of the property you're buying so your mortgage will be 95% of ?170,000?

2) What is the interest rate of the mortgage?

3) Is the mortgage interest only or repayment basis? And if the latter, over how many years are the payments spread?

Thanks!

by G-Man, 27 Nov 2011

Strange though this may seem ramizsemic, and by the way welcome to the forum, you should be addressing this very question to a lender that will agree to lend you a 95% advance in the first place. A 95% advance will be hard to obtain and is certainly not a routine advance in the current climate. And the whole issue depends on your own status and financial credibility, not to mention the property valuation stacking up alongside a current property market that is anything but stable.

by Snoopy48, 27 Nov 2011

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