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Question:: Hello Mr Moneypenny.
My wife and I want to move to a larger house because she is about to
have a baby and start a family, and we will need more room.
Can you please offer a little advice on mortgage calculations, how I
can calculate a mortgage, how much I can borrow to buy a house and
whether you think we should go for a fixed rate mortgage? Many
thanks Dave Wells
Answer: Hello Dave. The BBC have got an excellent web page for mortgage calculations. It is so easy! All you have to do is visit the free mortgage calculator type in the the amount you wish to borrow, the repayment period and interest rate and in a fraction of a second it will show you the monthly repayments and the interest only payments, for interest only mortgages. For example, amount £100,000, repayment period 20 years and interest rate of 5% will show you the monthly repayments of £668 and interest only payments of £416
Many people who are looking to buy a home consider whether they need
a 10, 15, 20 year or 25 year fixed mortgage for their monthly
payments. Since many of us are buying homes later in life we would
like to have the house paid off as soon as possible. Of course,
there are many things to consider before signing any papers.
A few years ago my wife and myself were in much the same situation
as you and your wife, so it is important to remember that you want
to make sure that the interest rate doesn’t change over the course
of the mortgage. Many lenders offer deals that are too good to be
true. This means that they actually are too good to be true.
Mortgages that have fixed mortgage rates maintain the same amount of
interest throughout the life of the loan. This is beneficial for any
of us who don’t like surprises.
When my wife and I were looking at houses for sale we decided to
look into the various loans available with 10, 15, 20 or 25 year
fixed mortgage rates. We wanted to pay off the house as soon as
possible but we didn’t want to get in over our heads with high
monthly payments.
We felt at the time tat a 20 year mortgage would be suitable, but in
addition to considering mortgages with 20 year fixed mortgage rates
we also looked into mortgages that spanned 25 years as well. We
didn’t really like the idea of having a mortgage as we were
approaching the age of retirement so we were really hoping to get
one of the mortgages with 20 year fixed mortgage rates. There was a
lot of pressure to have the house paid off as soon as possible.
However, after taking everything into consideration we chose a 25
year mortgage instead. There were many things that factored into
this. First of all, I discovered that my wife was having a baby. Her
contribution to the monthly finances was unreliable since since was
going to raise our child at home. Mortgages that had 15 or 20 year
fixed mortgage rates required a higher monthly payment. We simply
didn’t want to get in over our heads.
A twenty five year mortgage brought the monthly payments down quite
a bit. We have also make extra payments throughout the years to make
the principal shrink quicker. If you make a handful of extra
payments throughout a twelve month period you can knock years off of
your mortgage. This takes some discipline but it is well worth it in
the long run.
Although we would have preferred the loans with 15 or 20 year fixed
mortgage rates we had to take our needs and abilities into
consideration. As it is things worked out very well.
Mortgage Calulations, Calculate a Mortgage, Find the Best Mortgages Click Here Now!
xx xx
Hello,
I'm Mr Moneypenny
