Can You afford It?

Price: £599,950

Agent: John German 01530 412 824

What you get: This Grade II-listed thatched cottage is on the market for the first time in 25 years. The pretty exterior is rivalled by its interior: beautiful exposed beams and brickwork, an inglenook fireplace and a solid oak kitchen. There's also a walled garden and summer house.

Where: The village has a primary school, public house and church, plus tennis, cricket and bowling clubs. The rural location is deceptive: Newton Regis is very popular with commuters, being less than 30 minutes' drive from Birmingham with excellent links to Leicester, Derby and Nottingham.

How much will I be able to borrow?

These options from Alliance & Leicester are for a 25-year term and require a 15 per cent deposit, or £89,993. Alliance & Leicester use an affordability calculator, which takes into account income, outgoings and any debt. For a mortgage of this size, however, you would need to be earning an above-average wage. There is a £670 valuation fee with both options.

Five-year fixed rate: There is a £599 arrangement fee. The interest is fixed at 7.14 per cent, so monthly payments will be £3,649.94, or £3,034.24 interest-only. It reverts to the standard variable rate (SVR) on 31 August 2013, so monthly payments rise to £3,663.77, or £3,055.27 interest-only.

Two-year tracker: There is a 2 per cent arrangement fee. This mortgage tracks at 1.49 per cent above the Bank of England's base rate (BBR), which would give you a rate of 6.49 per cent and leave you with monthly payments of £3,440.08 for repayment, or £2,758.02 interest-only. At the end of the two years the product tracks at the BBR plus 1.89 per cent.

Council tax: Band F, £2,141.57

Stamp duty: 4 per cent

Legal costs to include land registry and search fees: from £1,500

Information correct at the time of printing. Quotes subject to status

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