We agree with the contractor that the damages resulting from increased interest rates are consequential damages. Increases in interest rates are not caused by delays in completion of construction contracts.
So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment. Hereâs an example: If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.
The average price of a property targeted by first-time buyers is Â£235,000 while typical household income is Â£50,674, credit checking website Experian has found. When asked, these homebuyers said they could afford a monthly mortgage payment of Â£780 a month. However, based on a 10 per cent deposit, the repayments on a Â£235,000 property would be nearer Â£1,300 a month â and potentially much more depending on credit history and lenders policy rules.