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Stress testing mortgage repayments
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21-07-2009 3:33pm#1Please excuse my ignorance but maths was never my forte.
How do I go about stress testing my repayments, what percentage should I test it to
Say my repayments are 800 a month and mortgage is for 200,000
I'm sure its an obvious answer but I cant see it!
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Its good to see everyone weighing up before they buy now. I bought a few years ago and am hapy I did - but I think I was probably the only one I know who stress tested before they bought as my bro saw what was coming and managed very cleverly indeed. Wihout him Id be open and shut door buyer!
Defo stress up to the 5.5% rate anyway. ANd try to pay off a little extra each month. Youd be amazed how much you save.
The thread in here are like a wall of mirrors some days
If maths isint your best point - its certainly not mine - Id suggest a quick trip to a mortgage broker - you dont have to use them to buy, but they are very good about helping yu out I find - or your accountant at work. Make sure you have the sums done!0 -
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