Mortgage to Price Ratio

How much per month compared to the final ratio

[chris_f]

Hi Guys and Gals,

I'm in the UK and thinking of getting a small 2 bedroom flat. I am looking for a rough estimate on monthly mortgage payments. I have been told it's about £8 per month for every £1k the house is worth. However, the is no confirmation. Is there anyone out there who can shead any light on the figure.

Many Thanks
Chris

[Mardi_Gras]

Quicken has a mortgage calculator built in; any number of real estate web sites offer mortgage calculators.

I don't know about the UK, but US mortgage rates are at unbelievably low numbers.

And of course, that ratio will be on every £1k of borrowed money, not on every £1k of the value of the house. Good luck!

[hannamyluv]

When we bought a house (US), the mortgage broker told us about the same thing. I think he said $7 for every $1000. But I really think that number depends on the interest rate. realtor.com has a bunch of calculators to help with figuring out costs but I am not sure how similar the US house market is to the UK market as far as fees and costs go.

[chris_f]

Thanks Guys,

I've found one.