Can you afford it? Georgian townhouse, Edinburgh


Price: £575,000

Agent: DJ Alexander (0131 652 7313)

What you get: A four-bedroom apartment on the second floor of a Georgian townhouse blessed with the finest attributes of buildings from this era – expansive rooms, high ceilings, full-length windows with their original shutters, flagstone floors in the kitchen and stained-oak floorboards in the remaining rooms.

Where: From the moment you arrive in Edinburgh, it's apparent why it's envied for its architecture and designated a Unesco World Heritage Site. Dundas Street is in the heart of New Town, only a five-minute walk to the shops and galleries galore of Princess Street.

How much will I be able to borrow?

These mortgages from the Newcastle Building Society are for a 25-year term. There is a completion fee of £999 and a reservation fee of £99 with both options.

Tracker mortgage: Requires a minimum deposit of 25 per cent, or £143,750, leaving a balance of £431,250. It tracks at 1.60 per cent above the Bank of England Base Rate (BBR), currently 5.3 per cent, for the duration of the term. Your monthly repayments will be £2,938.04, or £2,371.88 interest only, at the current BBR. There is also £200 cash back, payable two weeks after completion.

Two-year fixed-rate mortgage: The minimum deposit required for this option is 15 per cent, £86,250, leaving a balance of £488,750. The interest rate is fixed at 6.50 per cent until 31 July 2010, when it will revert to the standard variable rate (SVR), currently 7.22 per cent. Monthly repayments will be £3,300.08, £2,647.40 interest only, reverting to a payment of £3,510.37, £2,940.65 interest only, at the current SVR.

Council tax: Band G, £2,580.88

Stamp duty: 3 per cent, £17,250

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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