As someone looking at flats of various prices with a set amount of money available I spend quite a lot of time looking at mortgage calculators to work out how much repayments would be.
What always baffles me is however lower I make the mortgage amount the repayment always seem to be roughly the same. So if I change the length of the mortgage from 25 years to 30 for example the total monthly payment drops by a whopping £40. It hardly seems worth working another five years and paying the bank thousands more for a £40 saving.
Likewise I think right I will just buy a studio in zone 6 15 minutes from the station, that will be £120,000. Brilliant the mortgage will be loads less. Well yes it's less but only about a £150 a month less. In that case it seems worth going for zone 3 and living off soup there!