Yes, it will be just under 60K probably around £59,850.

When looking at repaying / redeeming a mortgage, there are other costs (fees) involved but closer to the time you can ask your lender for a redemption figure which should include all these costs. They should be detailed in your mortgage information.

You should also note that the figures used are not including any fees that were added to the mortgage when you applied.

You will receive an annual statement on your mortgage, and this will show you how your repayments have taken effect.

HTH

Sparky.

Hi Sparky

You certainely know your stuff. I initially went with 35 years to spread the payments longer, even though I know this would incur more interest.

However I am struggling to work out that after 4.5-5 year with the current scheduled re-payments how much I will owe the bank (outstanding balance).

I used an online mortgage calculator and it mentions that after 5 years I will owe 59.4 k so 4.5 years would likely to be 60k,

Is this correct?

You have a 35 year mortgage, which means that you will be paying even less off in 5 years than a 25 year mortgage.

Any particular reason for this choice?

As you have mentioned saving, I would suggest that you will struggle to generate as much interest as you are paying on your mortgage, and I would look to make overpayments on the mortgage (checking that it is acceptable - usually up to 10% a year), which would save you the interest (5.99%).

A rough indication for a 25 year mortgage would be that you would have paid off just under 10% in the first 5 years. However the first 5 of a 35 year term is far less. Closer to the 4 or 5% you estimate.

You are only paying about 50 of the montly payment as repayment in month 1.

At the end of Year 5:

beginning balance (of prev. year) £60,169.91

interest paid in year 5 £3,585.46

capital repaid £689.35

ending balance £59,480.56

Compared to the 25 year mortgage which will cost an extra £45 a month (£2760):

Outstanding at end of year 5: £56,244.44 (3236.12 less)

So paying the extra 46 pounds a month would save you an extra 500 over the 5 year period.

HTH

Sparky.

BenW:

But basically, can anyone answer the above question with all the data above?

There are any number of interactive mortgage calulators available on the web.

Google "mortgage repayment calculator"

Hello,

I completed on my flat in end of July this year and I am happy enough. However I have decided that within 4 1/2 years I would like to move as I rather fancy a nice semi-detached house. I'm not saying I'm greedy, I just wish I had bought a semi-detached place in the first place but then again mortgage would have been real high so it's all horses for courses.

Right back to time lines, so looking for house to be on market at beginning of March 2014, will sort estate agent in February and HIP and all necessary documents.

I took out a 5 year fixed rate at 5.99% with NatWest over 35 years. The full property price was £69,500. I paid 10% of deposit of £6950 and consequently borrowed £62,550.

If I (hopefully) manage to sell in 2014 then how much capital will I have paid off over 4.5 years? The mortgage was a standard capital & interest re-payment and if somebody could give me a rough idea how much I pay off it would be good.

I am paying off £4,272 a year (£356 a month) so this will equate to just over 19k in 4.5 years.

I've heard that the main part of the monthly re-payment is interest and only a little capital. I'm hoping at least in 4.5 years I've paid off at least 3k in capital which will leave balance outstanding at roughly £59,000-59,500.

This way a hopeful sale price of £78 will leave 18k left, take off £3k for solicitor fees and early redemption fee's.

Add this to some money I should have saved I should be able to put down at least 15-25% on a nice 3/4 bed semi-detached.

But basically, can anyone answer the above question with all the data above?

Regards

BW