How much will a 55 grand mortgage cost me a month(roughly)?
If you take out a 20 year mortgage with a 2-year fixed rate @ 6.64% your payments should work out at around £420 a month and should include buildings insurance in that figure. After the 2 years it will revert to the interest rate current at that time which may be more or less than the fixed rate, but, at that time you should be looking around for another good deal either with the same mortgage lender or another one. Try to find a bank/building society that will allow overpayments so that, if you can afford it, you can pay more than the fixed payment each month. This will bring your capital sum down much quicker and also save you interest. Don’t overstretch yourself by taking the mortgage out over a shorter period as that will fix your payments at a much higher cost and there may be months when you find yourself struggling to make ends meet. Also make sure you take out insurance against losing your job for whatever reason. The insurance will cover your mortgage payments for up to 12 mon
