Can You Afford It? Cottage On The Hill, nr wolverhampton
Wednesday 20 August 2008
Agent: Nock Deighton (01746 767 767)
What you get: If three-and-a-half acres of beautiful woodland, a stream and a private lake don't endear this four-bedroom property to you, then perhaps beamed ceilings, a balcony at the back that's the length of the building, a vaulted wine cellar and a sauna will.
Where: Nestled in unspoilt countryside, this property is perfectly situated for West Midlands-based commuters. It forms a triangle with Bridgnorth and Telford, and is only a 15-minute drive from Wolverhampton and a further 20 minutes from Birmingham.
What will I be able to borrow?
The following quotes from Stroud & Swindon (0800 618161) are both for a 25-year fixed term, and require a minimum deposit of 25 per cent, or £124,988, leaving a balance remaining of £374,962.
Two-year fixed rate: The interest rate is fixed at 6.6 per cent until 30 September 2010, meaning monthly repayments will be £2,555.25 or £2,062.29 interest only. After the initial two-year period, the rates will rise to the Standard Variable Rate (SVR), currently 7.29 per cent. Repayments will increase to £2,719.92, or £2,277.89 for interest only. With this option there is also a product fee of £999 and a valuation fee of £370.;
Variable-rate mortgage: This option tracks at 0.5 per cent above the SVR until 30 June 2010, after which it will revert to the SVR. At today's rates, repayments will be £2,842.05, or £2,434.13 interest only. From 1 July 2010, if the SVR remains unchanged, repayments will be £2,719.92 or £2,277.89 interest only. There is no product fee with this option, but there is a £370 valuation fee.
Council tax: Band F £2,013.25
Stamp duty: 3 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
Life & Style blogs
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
£50000 - £70000 per annum: Recruitment Genius: This provider of global logisti...
£35000 - £70000 per annum: Recruitment Genius: A Sales Manager (Vice President...
£18000 - £20000 per annum: Recruitment Genius: A Digital Marketing Executive i...
£16000 - £18000 per annum: Recruitment Genius: They are an award-winning digit...