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Stress testing mortgage repayments

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  • 21-07-2009 4:33pm
    #1
    anyanka
    Registered Users Posts: 19 ✭


    Please excuse my ignorance but maths was never my forte.
    How do I go about stress testing my repayments, what percentage should I test it to
    Say my repayments are 800 a month and mortgage is for 200,000

    I'm sure its an obvious answer but I cant see it! :o


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    #2
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    you could use something like

    http://www.drcalculator.com/mortgage/

    i'd be stressing against 5/6% and a reduction in wages etc etc


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    #3
    NewFrockTuesday
    Banned (with Prison Access) Posts: 1,405 ✭✭✭NewFrockTuesday


    Its good to see everyone weighing up before they buy now. I bought a few years ago and am hapy I did - but I think I was probably the only one I know who stress tested before they bought as my bro saw what was coming and managed very cleverly indeed. Wihout him Id be open and shut door buyer!

    Defo stress up to the 5.5% rate anyway. ANd try to pay off a little extra each month. Youd be amazed how much you save.

    The thread in here are like a wall of mirrors some days :)


    If maths isint your best point - its certainly not mine - Id suggest a quick trip to a mortgage broker - you dont have to use them to buy, but they are very good about helping yu out I find - or your accountant at work. Make sure you have the sums done!


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    #4
    anyanka
    Registered Users Posts: 19 ✭anyanka


    Thanks for that will check it out


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