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Mike and cathy are a couplemike earns £28,000 p/a gross and cathy earns £26,000 p/a grossthey want to see weather the option of renting for £700 per month is the best option or simply buy a new house which would cost £190,000. they would like to know how much you think they can borrow on a mortgagewhere can i find a mortgage calculator as i dont want to phone up a company who do credit history check and everything as its not real is it i need for assignment.thanks

Hey i found this one for you, hope this is want you wanted. link for calculator: http://www.mortgagecalculator.org/ and heres another: http://www.bankrate.com/brm/mortgage-calculator.asp link for general info. on mortgages: http://en.wikipedia.org/wiki/mortgage_loan i think what you need to do here is basically say what you think would be the best option for them and ify it. e.g it would be better if they buy the house through a mortgage because if they are thinking of buying the house cash they need at least 4 yearns saving of their whole salary. onviously this is imposible as they have other expenses in their lives to cover, e.g bills, supplies, cloths etc. therefore the mortgage offers a more realistic and affordable alternative to buying the house as they can buy the house through payments over a long period of time. however one should mention the downsides of this alternative is that 1) they will have to pay interest, therefore they will pay way more than 190000 2) the long term burden of the mortgage debt could be a problem in the future as no one can insure the stability of their income. this is how i think the question should be answered. btw there are another important pieces of info. you left out and thats how long the mortgage is for and how much is it per month? and the interes rates. there is no fixed number for this as it depends on the agreement with the loaner. btw in ur last comment you said something like "man do you live in england, i want to thank u personally" well im flattered and im glad to help but i was wondering would it surprise you if i told you i was no "man" but actually a girl and that if you wanted to thank me you would have to come all the way to egypt. lol any ways hope u dont mind taking help from a girl. nice luck ;)