Can You Afford It? Church Barn, Weston Coleville
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.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies