Property News · November 2, 2017

'We have a £450,000 mortgage – but we're relaxed about the interest rate rise'


A couple who bought a two-bed flat this year say they have few immediate concerns thanks to their fixed-rate dealThe size of mortgage taken out by first-time buyers Kieran Ellis, 32, and Jordan Stefanov, 29, will send shudders through many people. The couple borrowed about £450,000 in June to buy a £490,000 two-bed flat in Crystal Palace, south London – but they are relatively relaxed about the rise in interest rates.A 0.25% rise in rates adds £54 to the monthly payments on a £450,000 loan. But like the majority of young buyers Kieran and Jordan have taken out a fixed-rate mortgage – in their case pegged at just 1.8% for two years – so the rate rise has no immediate impact on their repayments, which come in at a bit below £2,000 a month. Continue reading…

Source : theguardian.com
Read more…‘We have a £450,000 mortgage – but we’re relaxed about the interest rate rise’

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