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Buying An Apartment

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jennyjoan | 12:54 Thu 12th Jan 2017 | Law
9 Answers
The apartment is £189,000 -

1. what would be the deposit

and 2 what would be the monthly payment

Thanks
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Some good advice and links on your recent question,

http://www.theanswerbank.co.uk/Law/Question1532160.html
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
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!
JJ you really need to look at what mortgage you could get...deposits and interest will vary
Question Author
thanks all.
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 .....
I think you'll struggle to get a mortgage tbh.

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