ballpark figure on an interest only mortgage?

[ken.b]

Can I get a ballpark figure on an interest only mortgage for 195k ? Monthly payment ?

[gimmewine]

Why not use the mortgage increase calculator on this site. You put in the amount of the mortgage required, the interest rate and a fictitious figure for what you pay now and hey presto, it will give you the repayment figure per month. If you go to home (iva.co.uk) and look through the articles you will come across it

[tracy.h]

Hi ken.b
my mortgage is £750 interest only on a mortgage of £149000,but as Gimmewine says use the mortgage calculater will give you a more precise calculation

[MelanieGiles]

Hi kenb and welcome to the forum

If you work on a rate of 6.5%, which the broker I use tends to use as a ballpark figure, this works out at about £1,055 per month.

But don't take my word for it, see specialist advice from a properly experienced mortgage broker.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ken.b]

Mel we have an idea that we would like to run past you. Maybe clutching at straws but......

H and myself are going to run some figures and mail you.

[suzz]

Hi we have just had a remortgage quote on £110,00.00 and the interest rate is 7.7%

Suzz

[MelanieGiles]

Hi Suzz

That seems quite a high APR - do you have missed payments on your current mortgage which would have increased the rate?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[suzz]

Hi Melanie yes we did have missed payments about 5/6 missed payments, this was due to Abbey either cancelling our DD/SO or they just did not pay it, we had numerious telephone conversations with them to sort this out but unfortunatley this is the outcome, our mortgage is now up-todate though it has taken a couple of months to sort out.

Suzz

[MelanieGiles]

What a shame - and a warning shot to all of our forum members to keep those mortgages up to date to avoid the sort of penalties Suzz is now having to accept.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk