Buying An Apartment

[jennyjoan]

The apartment is £189,000 -

1. what would be the deposit

and 2 what would be the monthly payment

Thanks

[Mamyalynne]

Some good advice and links on your recent question,

http://www.theanswerbank.co.uk/Law/Question1532160.html

[fiction-factory]

It depends on quite a few things. Over how many years would the mortgage be? Interest only or repayment? Have you established whether you can get a mortgage- I'm assuming that in 25 years (the usual term) you'll be relying on a pension

[Baldric]

There is a Mortgage Calculator here JJ

https://www.uswitch.com/mortgages/guides/getting-a-mortgage-when-youre-older/

[Islay]

Also what deposit would you have - would you be selling your previous home, are you looking for a bridging loan whilst your previous one is selling?

There are so many factors more information would be needed!

[woofgang]

JJ you really need to look at what mortgage you could get...deposits and interest will vary

[fiction-factory]

Rough figures
Deposit- suppose you pay £29000 .
That leaves £160000
Assume repayment over 25 years at best fixed rate
This site suggests around £650 a month
https://www.hsbc.co.uk/1/2/!ut/p/c5/hYxLboMwFADPwgn8wJTQpQkEk_IcSAwBNhYK_cRqQqRa1PHpm0W3VTXL0QwZyIPruJzfR3Oer-Mn6cgQKR4UMYcw4HkS-8DKdlvm2z1AFD18H6l1zni4KgGgLTIowiSEJ9z4UNB_6iPpIFQHHd_wbrrSrRepXR2gbKxwmTWSAZq0mtp9k7D08JzSmAg-X15JT4bVn-eMEvl7htnoL4VS5NXEgt2kKpuqNzipHUWNPoreQYkgdAOo2V1IZtGdrND86GjbtKxm5uV7U9WeR26XZvmYmfcD9VrmLw!!/dl3/d3/L0lDU0lKSmdwcGlRb0tVUmcvb0tvZ0FFSVFoakVDVUlnQUlBSXlGQU1od1VoUzRKUkVBUUFBLzRDMWI5V19OcjBnQ1VneEVtUkNVd2chIS83X0gySThIMDQySEdCODEwQUxWSkxHSlIwMEUzLzlNTXFsNzU3NjAwMDQvMzQ1NDc0NTI0MTA5L29yZy5hcGFjaGUubXlmYWNlcy5wb3J0bGV0Lk15RmFjZXNHZW5lcmljUG9ydGxldC5WSUVXX0lELyUwaHRzZSUwbW9ydGdhZ2VhcHAlMGxhdW5jaCUwcXVpY2txdW90ZSUwdmlldyUwYXZhaWxhYmxlX3JhdGVzLmpzcA!!/
I doubt you would get such a mortgage though if you are close to retirement age.
It could also depend on what other mortgage/properties you have.
Maybe you need to see a broker

[jennyjoan]

thanks all.

[Peter Pedant]

the usual deposit is 10%so 19k
or 20% 38 k - the rates of interest are lower for higher deposits( lower risk)

so interest only on £170k at 5% ( high) is £3800/y or just over £300 / m

add in the repayment bit - and they will probably want the mortgage to be paid off before you are 75 ... say ten years which is £17 000 a year - another £1500 a month - hmm gthat is quite a lot

but that depends on a lot of things

you can see why not many pensioners have mortgages .....

[ummmm]

I think you'll struggle to get a mortgage tbh.