mortgage calculator

G

grego

Active Member
no, not the one that tells you how much you can borrow.

i need one that that will tell me how much i will have paid off in 3,5,10 (etc) years based on interest rate, repayment amount, initial loan, etc, etc

or does someone know the formula for how to factor in the daily accrued interest charge applicable to the total (changing) balance. :confused:
 
that works, shows breakdown of balance payment at the end of each year, etc.

i know we all know this, but over 3 years £10K worth of payment = £2500 off the mortgage!! :rolleyes: bastards! :lol::lol:
 
grego said:
yeah at the mo, but looking at options.

thinking of offsetting for sure (as i told you earlier) and the reduced interest only monthly cost would be handy.

how do you play it son?
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Buy2Let Mortgages are considered the safest risk in the Lending Industry, Mortgage Express have an amazing product, 5.35% allowing you 85% loan to value!
 
Philly Cent said:
Buy2Let Mortgages are considered the safest risk in the Lending Industry, Mortgage Express have an amazing product, 5.35% allowing you 85% loan to value!
Click to expand...

i intend to get a BTL mortgage but still go down the offset route.

what i meant was do you do repayment/interest only?
 
Philly Cent said:
Buy2Let Mortgages are considered the safest risk in the Lending Industry, Mortgage Express have an amazing product, 5.35% allowing you 85% loan to value!
Click to expand...
So how does this work? If I was willing to spend, say, 50k pounds, I could buy a 325k pound property and rent it out using this mortgage product?

That's a bit tempting... do London rents usually cover the mortgage plus-some?
 
Morbyd said:
So how does this work? If I was willing to spend, say, 50k pounds, I could buy a 325k pound property and rent it out using this mortgage product?

That's a bit tempting... do London rents usually cover the mortgage plus-some?
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the amount you can lend is based on the rental potential. so using young phil's 125% model for example....

- so if a flat could bring you in £1250 pcm, then you can get a loan which equates to monthly repayments of £1000.

by my maths, this would be about £170k over 25 years.
 
grego said:
the amount you can lend is based on the rental potential. so using young phil's 125% model for example....

- so if a flat could bring you in £1250 pcm, then you can get a loan which equates to monthly repayments of £1000.

by my maths, this would be about £170k over 25 years.
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Statisically over the last 35 years, the UK Property Market has doubled in value every 7 years! Theroyitically(?), you could fix the mortgage for 2 years, then refinance, do that every 2 years, and as long as you never sell, that money is tax free!
 
grego said:
fair enough, did you look into other investment options then.........ISA, endowments, stocks/shares, etc
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ISA, no, endowment not really, got a pension, but this Property Portfolio is really for the future! Stocks, have done, and i do think there is some value currently, but its not really hands on though, and too many variables!
Bricks n Morter, the way forward! Currently investigating investing in Bulgaria who've just joined the EU, there's a new Ski resort, which we're going to check out next month, which looks very interesting!
 
Philly Cent said:
ISA, no, endowment not really, got a pension, but this Property Portfolio is really for the future! Stocks, have done, and i do think there is some value currently, but its not really hands on though, and too many variables!
Bricks n Morter, the way forward! Currently investigating investing in Bulgaria who've just joined the EU, there's a new Ski resort, which we're going to check out next month, which looks very interesting!
Click to expand...

well after my "bricks n mortar" comment to you yesterday, you know that i concur old chap!!;)
 
Didnt know you're such an expert Phil, I shouldve picked your brain at Ministry the other day!
 
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