Question Mortgage query

[RobM]

With a standard repayment mortgage, if I'd paid it for 9 out of 25 years (i.e. 16 years to go) how much capital would I have paid off (let's assume £150,000 mortgage)?

Is it an easy question? I have no idea!

 

[MrB]

Depends on your interest rate however if you based it on figures from last year, a £150,000 with an interest rate of 5% and a monthly repayment of £900 would take 24 years to pay off and after each year your balance would be:

Jan-09 150,000
Jan-10 146,623
Jan-11 143,074
Jan-12 139,343
Jan-13 135,421
Jan-14 131,298
Jan-15 126,965
Jan-16 122,410
Jan-17 117,621
Jan-18 112,588
Jan-19 107,297
Jan-20 101,736
Jan-21 95,890
Jan-22 89,745
Jan-23 83,285
Jan-24 76,496
Jan-25 69,358
Jan-26 61,856
Jan-27 53,969
Jan-28 45,680
Jan-29 36,966
Jan-30 27,806
Jan-31 18,178
Jan-32 8,057

Very approximate but hope it helps. Ratios should be similar whatever the interest rate if the bank sets your repayment correctly.

 

[MK Shrimper]

Don't you get a statement every so often Rob? READ IT!

 

[RobM]

I would but it's not my mortgage! It's a query for a friend who is looking to move, he's currently paying £1200 a month for £150,000 and wants to move his mortgage to somewhere cheaper.
I paid mine off months ago.

 

[fatshrimp]

He should phone his mortgage provider and ask them. They'll give him a final figure.

 

[MK Shrimper]

I would but it's not my mortgage! It's a query for a friend who is looking to move, he's currently paying £1200 a month for £150,000 and wants to move his mortgage to somewhere cheaper.
I paid mine off months ago.

Thank fluck I have a tracker.

 

[RobM]

Thank fluck I have a tracker.

That's what he's looking at, HSBC seem to offer a decent deal, about £350 a month cheaper!

 

[MK Shrimper]

That's what he's looking at, HSBC seem to offer a decent deal, about £350 a month cheaper!

Be amazed if he gets one now without a hefty deposit.

 

[RobM]

It's a remortgage, same home, about 60% LTV if that makes a difference.