Can You Afford It? Church Barn, Weston Coleville

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The Independent Online

Price: £250,000

Agent: Cheffins (01638 663 228)

What you get: Care was clearly taken in converting this barn into a three-bedroom home. The interior is reminiscent of a farmhouse and has retained a wealth of original features: exposed brickwork, an inglenook fireplace and oak beams.

Where: The barn is in picturesque countryside, yet Cambridge is only 12 miles away. Ideal for those seeking a taste of rural living without any of the sacrifices.

How much will I be able to borrow? The following quotes from Alliance & Leicester are for a 25-year fixed term and require a minimum deposit of 15 per cent, or £37,500, leaving a balance of £212,500.

Five-year fixed-rate mortgage: The interest rate will be fixed 6.79 per cent until 31 October 2013. Monthly you will pay £1,473.56 on a repayment basis or £1,202.40 interest-only. After the initial five years, the interest rate reverts to the standard variable rate (SVR), currently 7.19 per cent, and the monthly payments would be £1,519.77 on a repayment basis or £1,273.12 interest-only. There is an early repayment charge of 3 per cent until 31 October 2013. This option carries an arrangement fee of £599.

Two-year variable-rate mortgage: Tracks at 1.39 per cent above the Bank of England's base rate, currently at 6.39 per cent, for two years. At current rates, monthly repayments will be £1,420.24 or £1,131.56 interest-only. After two years the rate then tracks at 1.99 per cent above the Bank of England's base rate, currently at 6.99 per cent, and the monthly payment would be £ 1,495.93 or £ 1,237.75 interest-only. The early repayment charge is 3 per cent in the first two years. This mortgage carries an arrangement fee of 1 per cent of the loan amount.

Council tax: Band D, £1,339.15

Stamp duty: 1 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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