I have what could be a fairly straight forward question, but it is something I have been wrestling with in my little head for a little while. If you're not in the market for helping solve rookie questions, best to not read on.
I am looking to move up to the second rung of the property ladder, from my first house (small shared ownership) and am currently saving for a deposit.
What I am trying to work out is how much money I actually have, as this will obviously effect when I could potentially start looking at getting the process started.
What I am trying to find out is how to work out is how much I have actually invested in my first property, and how much of this I would get back upon its sale.
I bought the share in the house for £58,000 and initially paid a deposit of around £5000 and received around a £53,000 mortgage.
If I were to sell for the same amount I would be left with my initial deposit (right?) sub mortgage fee which is in there. But how much would I actually see back from the monthly payments I have been making for a number of years. I am sure it is nowhere near as simple as just adding up the payments i have made, because the lump of interest charges. I have had interest rates of between 4.5 and 4.8% on a standard mortgage.
If anybody can set me straight if i have it wrong, and help me estimate this, i would be massively grateful!
I am looking to move up to the second rung of the property ladder, from my first house (small shared ownership) and am currently saving for a deposit.
What I am trying to work out is how much money I actually have, as this will obviously effect when I could potentially start looking at getting the process started.
What I am trying to find out is how to work out is how much I have actually invested in my first property, and how much of this I would get back upon its sale.
I bought the share in the house for £58,000 and initially paid a deposit of around £5000 and received around a £53,000 mortgage.
If I were to sell for the same amount I would be left with my initial deposit (right?) sub mortgage fee which is in there. But how much would I actually see back from the monthly payments I have been making for a number of years. I am sure it is nowhere near as simple as just adding up the payments i have made, because the lump of interest charges. I have had interest rates of between 4.5 and 4.8% on a standard mortgage.
If anybody can set me straight if i have it wrong, and help me estimate this, i would be massively grateful!