James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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250k place. 225k borrowed. Repayments were £1250 per month. Since I re-mortgaged to a better rate the repayments are £960 per month.
I also agree that getting a longer term with overpayments is the best plan, then you can choose when you want to make a higher repayment instead of being forced to do it every month.
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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Borrowed 62k
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Carl
Member
Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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50k 4 years fixed at 5.99% over 25 year paying 321. 4 year has just finished so looking at moving mortgage now so taking on board the terms and over payment thing!
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Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
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£286k 1 bed flat in London (couple of miles from centre, balcony, secure underground parking and roof terrace)
Only bought 75% @ £215k price
Borrowed £129k
Mortgage £500 per month at 2.39% rate
Rent on other 25% £232 per month
Plan to never buy out the other 25% as shared ownership is pretty common in London as a way for people to get on the ladder (so won't effect resale value much) and it protects me against large rises in interest rates on the mortgage if the financial climate changes suddenly.
Plan is over pay mortgage in monthly and lump sum payments. Remortgage fixed rate again when fixed term ends and then eventually sell up and move out of London (e.g Bristol) where the money goes far further and have 100%
For comparison, my rent before this only 1 mile down the road in a shared house (so my room was only private space) I paid £830 per month - so better off by far and have my own place
[Edited on 15-01-2014 by Paul_J]
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